NEW YORK: Financial communications specialist Vested has acquired a minority ownership stake in Caliber Corporate Advisers, a financial services marcomms shop.
Caliber will retain its branding. The firm moved its team into Vested’s New York headquarters at the start of this month; no staffing changes are planned as a result of the deal.
The deal, which was finalized on June 7, combines Vested’s creative services with Caliber’s content chops, explained Vested president and cofounder Binna Kim.
"We got to know each other just because we operate in very similar spaces," said Grace Keith, who was named Caliber’s president last year. "What became pretty apparent is we have really a similar mindset when it comes to clients, comms more broadly, as well as content and design. [The deal] seemed like a great way to benefit all, both from a company perspective and our clients."
Vested’s acquisition of a stake in Caliber followed its acquisition of Templars Communications early last year, expanding its business into the U.K., Kim said. She declined to specify what percentage of Caliber that Vested has bought.
"Inorganic growth has always been part of our plan for global expansion and not just physical expansion, but diversifying who we are and the services we offer," Kim explained. "It’s not that we don’t [have content services], it’s just that we have more built out functions, resources and teams that can deliver on those programs in each of those categories."
Vested, which launched in 2015, projects that it will hit $10 million in revenue this year, Kim said.
She added that Vested and Caliber share a client, which she declined to name, that is a high-growth fintech company. The firms have been helping with its reposition and branding.
Caliber acquired Leverage PR in 2017. Leverage will remain part of Caliber, Keith said.
This story was updated on July 11 to correct the acquisition date of Templars Communications.