North West tech firm makes $25m US acquisition
Greater Manchester company Afin Technologies has acquired a leading North American promotions company in a $25 million deal.
The acquisition of Entertainment, a leading provider of local and national price promotions throughout the US and Canada, will see new jobs generated at Afin’s Stockport base.
The deal sees Afin take over operation of Entertainment, which connects businesses to consumers with promotional offers via physical coupons and through a mobile app.
It follows the US-only launch of Afin’s app Buxbo, which offers a fresh take on the popular American pastime of ‘couponing’ – collecting coupons to save as much money as possible on shopping and meals out.
Entertainment currently employs 77 people in the USA and is based in Troy, Michigan, close to Detroit.
As part of the deal, Afin will also take on fresh investment from Deepbridge Capital in the UK, and investors in the US. This will support the creation of 50 new jobs in Troy, Michigan, and 10 new jobs in Stockport.
Afin Technologies was founded in Stockport – initially under the name SurveyMe – before expanding to open an office in Newport Beach, California, where founders Lee and Nicola Evans are now based.
“SurveyMe started in our spare bedroom in Stockport and we took our first steps of growth in the town,” said CEO Lee.
“Now under the name Afin Technologies we’re excited to be sharing our expansion in the States with our hometown.”
The new jobs will bring the total number of employees at the company in Stockport to 19.
Ian Warwick, managing partner at Deepbridge Capital, commented: “We are delighted to continue to support Afin Technologies on this next step of their journey.
“The acquisition of Entertainment promises to be great news for both parties, with the creation of new jobs and the introduction of a dynamic approach to the coupon market.”