- Information company Ascential said Thursday it had acquired Flywheel Digital for at least $60m.

Flywheel primarily served large-scale US consumer product companies, with more than 70 customers and more than 90 staff based in Baltimore and Seattle.

Under the terms of the deal, Ascential paid an initial $60m and agreed to pay earn out payments based on the revenue of Flywheel for the next three years to 2021 and was expected to total between approximately $47m and $196m.

The total potential consideration, including both initial consideration and earn out payments, was capped at $400m, the company said.

In the year ended December 2017, Flywheel grew its revenue by more than 150% and delivered unaudited profit before tax of $4.8m.

Flywheel would report to Duncan Painter, CEO of Ascential.

'We have a clear focus on providing information and capabilities that enable our customers to succeed in the digital economy. The acquisition of Flywheel is in line with this strategy, further strengthening our offerings in eCommerce for brands navigating the digital market places, particularly Amazon,' said Duncan Painter, CEO of Ascential.

At 9:41am: [LON:ASCL] Ascential Plc share price was +24.6p at 401.4p

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