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.
For more information regarding New Media and to be added to our email distribution list, please visit www.newmediainv.com.
Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Propel’s vision to be the most trusted digital marketing solutions brand for local businesses across the U.S. and the expected benefits of the acquisition. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties, including economic conditions in the markets in which we operate, competition from other media companies, the possibility of insufficient interest in our digital business, and technological developments in the media sector. These and other risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.