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Strategic Acquisition Reinforces Stingray's Position as Industry-Leader in the Field of In-Store Media Solutions
MONTREAL, QUEBEC--(Marketwired - Feb 24, 2016) - Stingray Digital Group Inc. (TSX:RAY.A)(TSX:RAY.B), a leading business-to-business multiplatform music and in-store solutions provider, today announced that it has acquired Nümedia, a company that counts Cogeco Data Services (a subsidiary of Cogeco Communications Inc.) as one of its minority shareholders. Nümedia provides intelligent media solutions to its client by enabling in-venue music, experiences, communication, engagement, and activation. The transaction is valued at $2 million.
"This transaction represents another milestone for Stingray Business, our commercial services division, and represents an opportunity to leverage the complementary strength of both companies," said Eric Boyko, President, Co-founder, and CEO of Stingray. "The acquisition of Nümedia will enhance our competitiveness and confirm our leadership position in the field of in-store media solutions. We look forward to integrating the Nümedia team, to learning from their solid track record, and to developing long-term relationships with our new clients."
Stingray's decision to acquire Nümedia was based in part on its impressive and varied client list.The acquisition creates significant operational synergies with Stingray Business, which currently operates in over 74,000 locations across Canada, amongst them ALDO shoes, TD Canada Trust, A&W restaurants, Sports Experts, Sobeys and Canadian Tire.
"On behalf of Cogeco and Nümedia's other shareholders, we are thrilled to see that the team at Nümedia will be able to grow and thrive as part of Stingray," said Louis Audet, President and Chief Executive Officer of Cogeco Inc. and Cogeco Communications Inc.
For more information about Stingray Business: http://business.stingray.com
For more information about Nümedia: http://www.numediacanada.com/
Stingray (TSX:RAY.A)(TSX:RAY.B) is a leading business-to-business multi-platform music and in-store media solutions provider operating on a global scale, reaching an estimated 400 million Pay-TV subscribers (or households) in 152 countries. Geared towards individuals and businesses alike, Stingray's products include the following leading digital music and video services: Stingray Music, Stingray Concerts, Stingray Brava, Stingray Djazz, Stingray Music Videos, Stingray Lite TV, Stingray Ambiance and Stingray Karaoke. Stingray also offers various business solutions, including music and digital display-based solutions through its Stingray Business division. Stingray is headquartered in Montreal and currently has 300 employees across the world, including in the United States, the United Kingdom, the Netherlands, Switzerland, France, Israel, Australia and South Korea. Stingray was recognized in 2013 and 2014 as a finalist in the Top 50 of Deloitte's Technology Fast 50™ list, and figures amongst PROFIT magazine's fastest-growing Canadian companies. For more information, please visit www.stingray.com.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's prospectus dated May 11, 2015, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Senior Vice-President, Marketing and Communications
1 514-664-1244, ext. 2362