Published on September 11, 2019
- Acquisition is immediately accretive to Jerrick's earnings.- Integration of companies' sales groups well underway.- Synergies identified for existing clients in the food, beauty and wellness space.
FORT LEE, N.J., Sept. 12, 2019 /PRNewswire/ -- Jerrick Media Holdings, Inc. (OTCQB: JMDA) (the "Company" or "Jerrick"), a technology company and the creator of Vocal, today announced the completion of its acquisition of full-service e-commerce marketing agency Seller's Choice.
Under the terms of the purchase agreement, Jerrick acquired Seller's Choice for $2 million, representing an approximate 1.3-1.5 multiple of the Company's projected 12-month-forward revenues, consisting of $340,000 in cash, a $660,000 promissory note and $1 million in stock.
Jerrick CEO Jeremy Frommer said, "The integration of Seller's Choice personnel into the Company is well underway. Operational synergies are expected to translate into significant cost savings for the Company. The respective Seller's Choice and Vocal for Brands sales forces have begun integrating processes and protocols. I expect the deal to be immediately accretive to earnings and have a positive effect on net equity."
Added Seller's Choice CEO Jay Goldberg, "We are excited to join the Jerrick team. In partnering with Jerrick and aligning our premium service offerings with Vocal for Brands, Seller's Choice will bring new products, brands and creators to the growing Jerrick business community."
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