XLMedia snaps up majority stake in Marmar Media

16th Jun 2015 07:59

Digital marketing outfit XLMedia said it is planning to buy a majority stake in web and mobile business Marmar Media.The AIM company is to pay up to $7.36m in cash to Marmar's current sole shareholder Oren Avidor for a 54% holding, which it expects to be immediately earnings enhancing.Marmar, based in Tel Aviv with 16 staff, specialises in performance-based marketing for a number of "verticals" including apps, software entertainment and to a lesser degree gambling.XLMedia hopes the deal will broaden its mobile capabilities, diversify its markets and products, and provide benefits of scale.Chief executive Ory Weihs said Marmar is a "highly complementary fit to the group's existing business".He said: "Marmar complements the group's offering, bringing additional know how and mobile understandings in additional markets and products. The board is happy to further diversify the group's revenues and customer base."