US-based media company Meredith Corporation has acquired 19.9 percent of New Zealand mobile marketing company The Hyperfactory.
New York Stock Exchange-listed Meredith Corporation reaches is the owner of well-known brands including Better Homes and Gardens and Family Circle. Its 2008 annual revenues were US$1.6 billion.
The Hyperfactory was founded in 2001 by brothers Geoffrey and Derek Handley and has become an international success, featuring prominently in this year's Webby Awards.
“Entering into an alliance with Meredith, a leading media company with vast expertise, experience and resources, will accelerate our global growth at a pivotal stage for the mobile marketing industry,” says Derek Handley in a statement this morning.
Meredith has made a number of investments in recent years to broaden its audiences and enhance its online and video content creation expertise.
“Joining forces with The Hyperfactory provides Meredith’s Integrated Marketing unit with access to the fast-growing mobile category and complements our recent acquisitions in the digital marketing space,” says Jack Griffin, president of the Meredith Publishing Group.
Derek Handley will remain the CEO of The Hyperfactory, with dual headquarters in New York and Auckland.