US giant completes buyout of NZ's The Hyperfactory

Deal is finalised a year after Meredith first buys into local mobile marketing firm

Mobile marketing specialist The Hyperfactory has been fully acquired by US media and marketing company Meredith Corporation, a year after Meredith bought a 20 per cent stake in the company. “The completion of this deal is further evidence of the ability New Zealand entrepreneurs have to make it on the world stage, in the most competitive and fast-paced industries,” says Derek Handley, Co-founder and CEO of TheHyperfactory, in a media statement announcing the completion of the deal. Handley says the relationship presents significant opportunity for the company’s offices around the world. “Key to our definition of success on this sale has been our ability to retain leadership at the helm. It’s important to us to be able to continue thetremendous flow of creativity across our client base, and into all the opportunities Meredith Corporation provides. The terms of the deal weren't not disclosed, but Derek Handley says it is comparable to recent leading technology deals for local companies, and “sets a significant benchmark for the sale of aNewZealand business in the emerging technologies sector”. In the pastyear, The Hyperfactory and Meredith have joined forces to offer mobile marketing services to gloabal companies such as Kraft, Nestle and Honda. “Mobile is becominga vital ingredient in integrated marketing campaigns, giving consumers access tobrands at key decision points in the purchasing cycle for awareness,consideration and calls to action,” says Meredith Integrated Marketing President Martin Reidy in the statement. “The Hyperfactory is the ideal partner to help us better serveclients seeking to capitalise on this trend.”

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