Stingray says the deal supports its business plan and growth strategy. Under the terms of the acquisition agreement, Stingray will fully own and operate Novramedia, and the Novra exec team stays in place.
What this does, in part, is get Stingray (which kinda mostly got into digital signage by acquiring Groupe Viva in 2015) a foothold in Canada’s largest market.
Stingray Business is a major player in in-store media industry, with clients in 78,000 locations. Most of that, however, is in-store audio.
“Improving the in-store customer experience at every level is at the core of Stingray Business’ mission,” says Eric Boyko, President, Co-founder, and CEO of Stingray. “The acquisition of Novramedia adds an important building block to our offering while adding some of the biggest names in Canadian business to our client portfolio. I look forward to working with our new colleagues and clients who will benefit from the expertise we have accrued in Canada, Mexico, and Australia. I am confident that with the continued support of Novramedia’s seasoned leadership team, we will reaffirm Stingray Business as the leading provider of state-of-the-art digital media solutions.”
“Joining the Stingray family is a great step forward for Novramedia,” said Hermes Iordanous, President, and CEO of Novramedia. “Stingray’s proven expertise combined with our know-how and client base bode very well for the future of our combined business. Our shared mission of providing commercial clients with turnkey digital media solutions, and unmatched drive to improve the customer experience in any setting, make this joining of forces a perfect match.”
NovraMedia has been around since 2006, and has been working with BMO for more than a decade. There’s a really good-looking site full of signage at First Canadian Place in downtown Toronto, and I’ve also seen some good stuff at branches. I know there’s been a fair amount of head-scratching through the years about how the little-known company won and then steadily hung on to BMO, but obviously the big bank has been happy with the job done.
Whale clients can be all-consuming. I’ve not seen NovraMedia involved in much else, however, and the company’s client gallery suggests BMO is the key account and then there are a handful of small jobs that have been done through the years.