Independent marketing agency Iris has bought management consultancy Concise for £5m. The agency says it hopes the deal will broaden its remit beyond “traditional” marketing services.
The acquisition is part of a growth plan for Iris, which last year received funding from the Royal Bank of Scotland’s Entrepreneur Challenge to aid its global expansion.
Iris chief executive and founder Ian Miller says; “Integration is about business partnership and we want to become inseparable from our key clients because of the difference we make, the value we add and our energising effect on their perspective and performance.”
Iris says the terms of the deal are based on an “earn-in” model rather than “the standard advertising earn-out structure”.
Miller adds: “The integrated agency model of the future has to be about more than just communications to have a long-term effect on a client’s business.”
Concise was founded in January 2002 by joint managing directors Benjamin Chilcott, James George and Josh Thomson. It works with clients including Costa Coffee, Intercontinental Hotels and Fitness First.