Social Chain makes five acquisitions in move which will boost revenue by €50m
Social Chain has announced a raft of acquisitions in a move it says will boost its turnover by €50million in 2020.
The group, which is now listed on the German Stock Exchange after merging with Berlin-based online retailer Lumaland in October, has taken a majority stake in five companies in the digital, food, wellbeing and living sectors.
The acquired companies are online health food retailer Koro, nutrition company Solidmind, homeware company Urbanara, digital marketing and data specialist Conteam:below and TV advertising studio DRTV.agency.
Originally founded in Manchester, Social Chain is now headquartered in Berlin with further offices in London, New York and Munich. It has around 500 staff.
Steven Bartlett, co-CEO and co-founder of Social Chain, said: “Social Chain will become a global leader in building and scaling owned social-first brands and disruptive social-first media and marketing services.
"With these strategic acquisitions, we’re now laying the important foundations to deliver that ambitious global vision. Today’s announcement sets us up to further accelerate our growth across 2020. The industry should brace itself!"
The consolidated annual turnover of the acquired companies was around €35m last year, but the company expects that to grow to €50m this year with €2m in earnings.
Chairman Dr Georg Kofler said the acquisitions "serve the overriding goal of establishing Social Chain as the first integrated social media company“.