Media firm Future today said it has snapped up US-based news curation site Smartbrief for up to $65m (£53m) as it looks to beef up its business-to-business (B2B) offering.
Future, which owns magazine titles including Four Four Two and Tech Radar, said it has paid an initial sum of $45m for the firm through a combination of cash and shares, while a further $20m could be paid if financial targets are met.
Smartbrief, which is headquartered in Washington DC, curates business news and information from over 1,500 sources and summarises them in articles and newsletters.
Future said the acquisition will enhance its B2B division by tripling its subscriber base and giving it access to automated email marketing.
Shares in Future rose more than five per cent following the announcement.
“This acquisition will substantially boost our presence and market position in the B2B sector and enhance our proprietary technology capabilities,” said Future chief executive Zillah Byng-Thorne.
“Smartbrief is a leading, respected provider of sector-focused newsletters and daily email briefings covering a range of key verticals. The addition of Smartbrief’s must-read information products to our portfolio will further extend the reach of our B2B operations.”
The move comes amid a period of growth for the media group, which has carried out a successful shift to digital formats during a period of flux for publishers.
Future has also focused its attention on specialist subject areas, snapping up titles such as Cycling News and Procycling Magazine.
Earlier this month the company lifted its forecasts for the full year, saying acquisitions and audience growth had boosted revenue and profit to record levels.
Shares in Future have risen almost 60 per cent since the start of the year.
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