NEW YORK: Multiply, a PR and social agency headquartered in New York, has acquired Denver-based social content firm Umbrla.
Multiply, which also has offices in Washington, DC, and Denver, describes itself as a data-led, social forward PR firm. Its clients include Corona Extra, Modelo, FTD and Google, among others, according to the firm’s website.
Umbrla develops content for social networks, with a strong focus on Instagram as well as emerging digital and social media platforms.
Multiply CEO Dan Baum said the two companies began discussing the acquisition earlier this year. The deal closed on June 1 and the two agencies, he said, "just finished the last pieces of paperwork this week."
Baum said the Umbrla name disappears as part of the deal and Umbrla operations will move into Multiply’s recently expanded Denver office.
Umbrla co-founders Matthew Brodeur and Adam Swartz will become Multiply employees. Brodeur becomes director of social content and will relocate from Denver to New York. Swartz becomes director of social strategy and will stay in Denver.
Baum did not disclose the financial terms of the acquisition except to say it involved "a combination of cash and equity equivalents."
Umbrla had three independent contractors prior to the deal, Baum said. Two began working for Multiply, still as contractors, as part of the deal. The other works at Multiply now, but will be leaving for reasons unrelated to the deal. Baum added that the agency is looking to hire social strategists and designers in New York as well as PR and social team members in Denver.
"What attracted us to the deal is not only the talent that Umbrla clearly had, but also the deep Instagram capability spike they bring to the table," Baum said, explaining the reasons behind the deal. "Perhaps, even more importantly, they have an even deeper focus on emerging social platforms where we think the future lies with Facebook dying off."
