Press releasesFebruary 24, 2016
Stingray Digital Group Inc. (TSX: RAY. A; 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/