New Media’s Propel Marketing Acquires ThriveHive, an Award-Winning Marketing Software Company to Expand Growth (3/22/16)
NEW YORK--(BUSINESS WIRE)--New Media Investment Group Inc. (“New Media” or the “Company”, NYSE:NEWM) announced today that Propel Business Services, Inc. d/b/a Propel Marketing (“Propel”), a leading national provider of digital marketing products and solutions for local businesses, has acquired ThriveHive for $11.8 million funded with cash on the balance sheet.
ThriveHive is a Massachusetts-based firm known for its award-winning marketing software designed specifically for small businesses. The acquisition brings together two Boston area companies and reinforces Propel’s status as a dynamic leader in the SMB digital marketing ecosystem.
Michael Reed, New Media’s President and CEO commented, “We are thrilled to announce this exciting acquisition. ThriveHive is a turnkey proprietary software platform that enables SMB owners to run their own digital and contact marketing campaigns. This technology is the perfect complement to Propel’s Do-It-For-Me approach, and allows us to meet the needs of the full spectrum of SMBs. Looking ahead, we believe this acquisition will help drive higher margins for the overall business by transforming Propel from a marketing services reseller company into a software and technology platform company.”
“ThriveHive’s technology platform, combined with Propel’s unique market access and ability to deliver a full suite of marketing solutions, makes this incredibly exciting,” said Propel’s Chief Executive Officer, Peter Cannone. “This relationship furthers Propel’s vision to be the most trusted digital marketing solutions brand for local businesses across the U.S.”
In 2015, ThriveHive’s guided marketing software for small businesses was recognized twice on G2 Crowd’s Best of 2015 lists for “Highest Rated User Satisfaction for Marketing Automation” and “Highest Rated for Overall Satisfaction.”
ThriveHive co-founder and Chief Executive Officer Max Faingezicht added, “We’re thrilled to be able to bring together the talents and assets of two teams that both share a similar mission -- helping local businesses compete and succeed in the digital marketplace.”
About Propel Marketing
Propel Marketing, a division of Propel Business Services, Inc., is a leading digital solutions provider helping local businesses connect with more customers. Propel Business Services, Inc. serves as a trusted online expert offering a unique blend of leading-edge technology, high quality customer service, and consistent results. Propel Business Services, Inc. is a trusted media resource and a wholly owned subsidiary of New Media Investment Group Inc.
About New Media Investment Group Inc.
New Media is focused primarily on investing in a high quality, diversified portfolio of local media assets, and on growing existing advertising and digital marketing businesses. The Company is one of the largest publishers of locally based print and online media in the United States as measured by our 124 daily publications. As of December 27, 2015, the Company operates in over 485 markets across 31 states. New Media’s portfolio of products, as of December 27, 2015, include over 560 community publications and over 485 websites, serve more than 190,000 business advertising accounts, and reaches 19 million people on a weekly basis.
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