Revenues soar at social media firm thanks to acquisitions
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A social media firm based in Manchester has made five acquisitions in recent years.
Social Chain, which has its headquarters in the city centre, said it is set to add millions to revenues
The five firms include in the food, well-being and living sectors, alongside two further acquisitions that specialise is media, data and customer acquisition.
The combined annual turnover of the acquired companies was approximately €35 million in 2019.
The acquisitions include online superfoods retailer KoRo, supplier of innovative well-being supplements Solidmind, natural interior brand company Urbanara, one of Germany’s largest owner-operated digital marketing agencies Conteam and TV advertising agency drtv.agency.
Social Chain has expanded rapidly in recent years and now has 700 employees across offices in Berlin, London, New York and Munich.
At the end of 2019, Social Chain became a publicly listed company on the Xetra electronic exchange and the Düsseldorf stock exchange.
Steven Bartlett, the chief executive and co-founder of the firm, said: “Social Chain is becoming a global leader in building and scaling owned social-first brands and disruptive social-first media and marketing services.
“These strategic acquisitions allow us to continue laying the important and necessary foundations in order to deliver our ambitious global vision.
“Today’s announcement is one of many steps we intend on taking to further accelerate our growth in 2020. The industry should brace itself.”