A leading Nigerian digital marketing and communications agency, ID Africa, has acquired NET Newspaper Limited (NNL) popularly known by its brand name, TheNETng.
The acquisition will see ID Africa take up controlling shares and oversee the management of properties such as TheNETng, NECLive, 234Star, Neusroom, Orin, NETshop and other NET News properties.
The move will also enable the company to expand its frontiers in the media and marketing communications industry, a statement from the firm said on Monday.
“With an average year-on-year revenue growth of 40 percent, Info Digital Africa (ID Africa), a Creative Communications and Digital Marketing company founded in 2015 is one of the fastest growing digital marketing, media and communications companies in Nigeria.
“Over the years, the digital agency has built a commendable track record which includes executing over 150 successful marketing campaigns, contributing to the growth of various international brands, as well as creating over 20,000 hours of video content, which have amassed over 15 million views across digital platforms.
“Upon conclusion of this business combination process, ID Africa will become a formidable 360 marketing communications and media company using technology and creative content to connect brands and individuals with their target audiences.
“Under its new operation, ID Africa will look to deliver technology solutions, consumer products, marketing communications services, as well as media and publishing services through its news, entertainment and lifestyle content platforms,” the statement partly reads.
Commenting on the development, the Chief Executive Officer (CEO) of ID Africa, Femi Falodun said: “The alliance between ID Africa and TheNETng is a strategic move intended to bring these great companies together in order to create an all-in-one communications entity within Africa’s marketing, media and tech industries.
“By bringing together the best of our resources, capabilities and know-how, we will deliver the industry’s best marketing communications and media services for clients, as well as excellent technology solutions and products for a wide range of consumers.
“Furthermore, with operational efficiency and continuous innovation, we can create greater value for our customers, employees, investors and partners.”
Also speaking, the COO of NET Newspaper Limited, Jide Taiwo said: “We believe our new relationship with ID Africa will pave the way for both companies to progress further towards our goal of being the best marketing communications and technology business Africa has to offer.
“This is an audacious dream but it is a dream both companies are committed to making a reality. We are proud to be part of the new ID Africa, and we look forward to the amazing things we will accomplish together.”
In his remarks, the founder of ID Africa, Ayeni Adekunle, noted that “the acquisition is part of a long-term strategy to ensure that our businesses continue to grow and evolve in a dynamic environment. By positioning ourselves appropriately for the future, we can ensure that the group’s constituent brands continue getting results and creating value.”
It will be recalled that both organizations were hitherto part of the BHM group founded by Ayeni Adekunle, one of Nigeria’s leading media and marketing communications entrepreneurs.