NEW YORK: Vested has acquired financial content firm Scribe.
Vested bought a majority stake in the agency, according to a statement from the firm. However, Vested CEO Dan Simon declined to say how much his firm paid.
Scribe’s founder Shindy Chen retains the title of CEO and Scribe will keep its separate branding. Chen said she expects no layoffs as a result of the deal and her 12-person team will be moving into Vested’s office in New York within a couple of months.
Simon would not disclose the revenue of the combined firm.
"Our [revenues] are a matter of public record," he said. "We have crossed over $10 million but I don't think we’ll be revealing Scribe’s revenue."
"I think obviously there are some natural synergies with Scribe," he added, explaining the rationale for the acquisition. "They are focused exclusively on the financial services space, so there is a lot of synergy in terms of the clients that we serve. But I think that more interesting for us was the scalable platforms that [Chen] has developed to produce turnkey and very thoughtful financial content at scale."
Chen said she had "began last year thinking about partnerships with businesses that have the synergies [Simon] mentioned. We wanted to work with partners who could be great general sources for our clients. And it was a natural segue for us as content creatives to work with a great PR partner."
Simon said one of the first the post-acquisition tasks will be introducing the Scribe offerings to Vested’s current clients. In addition, he said, the acquisition allows Vested to sell clients specific packages independent of any specific campaigns the agency is hired to do.
"That has a massive appeal to clients and prospects," Simon said. "What [Chen] can do is create high quality packages of content at scale and that’s a different offering that what we have had. It opens up new areas in financial markets and new types of clients as well."