Marketwire buys Asian, Latin American media operations
By Leah McBride Mensching, Wednesday 9 January 2008 at 18:23 :: Media Ownership :: #1076 :: rss
Marketwire announced Wednesday it will acquire Miami-based International Media Services Companies, which operates financial news aggregation, media management, newswire translation and clipping and monitoring services in Latin America and Asia.
The Toronto-based news release service company did not disclose financial terms, but did state that following the acquisition, it will expand the company into 17 offices on four continents. IMS provides services to hundreds of customers in six countries, including China, Mexico and Brazil.
Marketwire plans to add operations in Miami, Beijing and Shanghai, as well as gain interest in operations in São Paulo and Rio de Janeiro, Brazil. Additionally, Marketwire is buying a stake in Comunique-se, the largest media database and news release distribution company in Latin America, and also entering into a multi-year, strategic relationship with Asian news agencies and the Chinese government for news release distribution, the Canadian Press reported.
“Asia and Latin America are increasingly important markets for our clients in North America and Europe,” said Michael Nowlan, Marketwire president and CEO, according to the Canadian Press. “The acquisition of IMS supports Marketwire's international expansion plans and broadens the company's portfolio of services to meet the needs of our growing global client base.”
Hector Botero founded IMS in 1996, and will become vice president of emerging markets for Marketwire.
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