EMAP keeps buying Web Businesses
EMAP s business division has made an interesting series of acquisitions of digital businesses. It seems to have decided that it cannot migrate elegantly from old to new so it is going to buy its way into a future. The latest deal is valued at $24m with a further $5m deferred against future performance. This acquisition of AME Info, the leading business information site in the region, gives EMAP a powerful digital play to support its MEED business based in Dubai.
Multiples have not been released but given the pace of growth in Dubai and Emaps publishing presence there, you can expect it to have been high. Astonishingly the RNS release claims that AME Info boasts 750000 unique users. That means EMAP have paid some $32 for every user!
Buying into the new world is never going to be cheap. This deal also illustrates again that rich lumbering publishing companies are struggling to innovate their way out of the death of business magazines.