MONTREAL – Stingray Digital Group has bought in-store media solution provider Nümedia in a transaction valued at $2 million.
Nümedia enables its client to provide in-venue music, experiences, communication, engagement, and activation, and counts Cogeco Communications subsidiary Cogeco Data Services as one of its minority shareholders.
Stingray said Wednesday that its decision to acquire Nümedia was based in part on its varied client list. In addition, continued the company, the acquisition creates significant operational synergies with its commercial services division Stingray Business, which currently operates in over 74,000 locations across Canada including Aldo shoes, TD Canada Trust, A&W restaurants, Sports Experts, Sobeys and Canadian Tire.
"The acquisition of Nümedia will enhance our competitiveness and confirm our leadership position in the field of in-store media solutions”, said Stingray president, co-founder, and CEO Eric Boyko, in the news release. “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."
"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," added Louis Audet, president and CEO of Cogeco Inc. and Cogeco Communications Inc.
