Prism Holdings Limited has successfully struck a deal with the management of
Tinderbox for the sale of a majority shareholding in the entity for an
undisclosed amount.
Tinderbox is an innovator in the new media space and has experience dating
back to 1995 in the fields of interactive branding strategy, creative use of
technology and usability design.
Duncan Todd, Corporate Strategy Director for Prism says Prism will remain a
minority shareholder in Tinderbox in line with its continued interest in the
Internet channel as an opportunity for its own products and services in the
secure payment arena.
"The deal is cash and earnings neutral to Prism, but reduces the number of
people employed in non-core activities. We intend to maintain and grow our
close working relationship with Tinderbox management over time," he adds.
David Blyth, CEO of Tinderbox says that management are extremely excited
about what their ownership of the company will mean for the brand and its
customers. "We have spent an enormous amount of time planning a growth
strategy for the business and a controlling interest in Tinderbox smoothes
the way for the short-term realisation of these aspirations."
Over the last few months, Tinderbox announced the appointment of certain
high profile creative individuals who have a personal history with the
company and who are considered key industry players. "We have placed huge
emphasis over the last year on building a team of experienced specialists
who can hold their own in international brand strategy, design and technical
arenas," Blyth adds.
According to Todd, the deal simultaneously solves two important issues for
Prism and Tinderbox. On the one hand, Prism satisfies its intent to focus
its energies on core products and services while it provides Tinderbox with
the flexibility, creative freedom and opportunity it requires to stretch its
wings in the communications and media industry.
"Prism is pleased to have reached agreement with a group of people with whom
we have enjoyed a close and productive relationship over the past three
years, " Todd concludes.
ends
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