By acquiring Graymedia the Havas network agency Red hopes to strengthen its practice in healthcare, mining, travel, tourism, education, sport, technology and finance.
"We expect double digit growth next year and a strategic focus on technology, tourism, heathcare, mining, FMCG and sports and entertainment," James Wright, managing director of Red Agency Australia and Havas PR Asia-Pacific told PRWeek.
With the acquisition Red Agency Brisbane has effectively doubled in size with revenues of over AUD$1m ($860,000) and a headcount of eight. Graymedia will now cease to be an independent brand. Its founder Yasmine Gray will now report to Wright. She will carry the title Principal, Red Agency Brisbane.
"We have always been very proud to be a Queensland born and bred company that has focused on quality and results. Now, together with Red Agency, we have a fantastic opportunity to grow and develop," said Gray.
Wright told PRWeek there will be no job cuts resulting out of the buy out. "In fact we are making some back-end savings in terms of operations that will help us invest," he said. Although Wright did not reveal the valuation of the deal he told PRWeek: "The deal was attractive to both parties."
Red Agency has offices in Sydney, Melbourne and Brisbane. It offers strategic public relations and communications for clients across consumer, corporate, technology and government practice areas, as well as specialist teams in experiential and activation, Red Guerilla, and social strategy and community management.