LONDON: PRWeek parent company Haymarket Media Group has signed a strategic partnership with The Knowledge Engineers, a digital training and online consultancy, by taking a minority stake in the business.
The investment signals Haymarket's plans for its marketing and communications division, which also publishes Direct Marketing News, Medical Marketing & Media, and SC Magazine in the US, to expand to offer a comprehensive range of services for its audiences.
Both companies will benefit from each other's international footprint. Haymarket publishes communications magazines in the US, UK, and Asia, while The Knowledge Engineers has trained more than 40,000 people across 43 countries since 2007.
Recent research from The Knowledge Engineers found that 76% of businesses felt there was a general lack of digital knowledge within their organization. The two companies plan to respond to this growing industry demand for insight and expertise.
“The rapid migration to digital across our industry has created challenges and opportunities for agencies and media owners alike,” said Kevin Costello, chief executive of Haymarket Media Group. “The opportunity to invest in a company that matches our global ambition is unique and exciting for us, adding a valuable asset for our business, while at the same time enabling our audiences to get the most out of the new digital era for their own careers.”
Haymarket's communications titles in the UK include PRWeek UK, Marketing, MediaWeek, and Brand Republic, which are a part of its Haymarket Business Media Division led by MD Jane Macken.
“The Knowledge Engineers is the perfect global partner for Haymarket Business Media, sharing similar clients, knowledge, and international scale. We are therefore very excited to be deepening our relationship with them,” she said. “As we evolve from publisher to provider of knowledge, collaborating better on our marketing communications assets around the world, The Knowledge Engineers will help us build our business for the future.”
The Knowledge Engineers has a team of 60 specialists offering strategic digital marketing development services around the world.
“Our research has revealed the surprising digital skills gap faced by the marketing industry, and we have a unique understanding of the challenges faced by companies transitioning to the digital world,” said Niall McKinney, founder and CEO of The Knowledge Engineers. “There has never been a more important time for companies to invest in developing modern marketing skills, and we believe our combination of strategic yet practical training is the best approach to upgrade marketers' knowledge worldwide.”
He added that “by deepening our relationship with Haymarket and becoming more integrated into their business, our ambition is together to become the leading global knowledge provider for the marcomms industry.”
This article originally appeared on the website of MediaWeek.