MONTREAL — Stingray is growing again, announcing on Wednesday it is acquiring Toronto-based Novramedia, a leader in the design, development and implementation of digital media solutions.
Founded in 2006, Novramedia manufactures and develops software and hardware, and employs a talented in-house creative and content development team, resulting in turnkey digital media solutions. Novramedia serves a range of client industries, including the finance, retail, hospitality and healthcare sectors. Some of Novramedia’s financial and retail clients include BMO, Scotiabank, Joe Fresh and CF Toronto Eaton Centre.
Under the terms of the acquisition agreement, Stingray will fully own and operate Novramedia with the continued direction of the company’s current leadership team.
With this strategic acquisition, Stingray’s commercial services division, Stingray Business, is poised to expand its activities and further consolidate its foothold in Canada, Stingray said in a news release announcing the acquisition.
Already a leader in the in-store media industry with clients in 78,000 locations, Stingray Business has been on a growth streak in the past year. In 2017, it signed its largest contract to date with Mexico’s Farmacias del Ahorro drugstore chain and entered the Australian market with the acquisitions of SBA Music and SMA Entertainment.
“Improving the in-store customer experience at every level is at the core of Stingray Business’ mission,” said Eric Boyko, president, co-founder and CEO of Stingray, in the news release. “The acquisition of Novramedia adds an important building block to our offering while adding some of the biggest names in Canadian business to our client portfolio. I look forward to working with our new colleagues and clients who will benefit from the expertise we have accrued in Canada, Mexico, and Australia. I am confident that with the continued support of Novramedia’s seasoned leadership team, we will reaffirm Stingray Business as the leading provider of state-of-the-art digital media solutions.”
Hermes Iordanous, president and CEO of Novramedia, added: “Joining the Stingray family is a great step forward for Novramedia. Stingray’s proven expertise combined with our know-how and client base bode very well for the future of our combined business. Our shared mission of providing commercial clients with turnkey digital media solutions, and unmatched drive to improve the customer experience in any setting, make this joining of forces a perfect match.”
