Buyout brings French connection for Australian tech startup
French firm Valtech has bought out Australian tech startup Neon Stingray, in a deal that will see the Sydney-based company's home office become a key Asia Pacific hub for the Paris-headquartered global digital marketing and technology company.
The agreement will also see Neon Stingray's Stockholm-based office merge with Valtech's established Scandinavian operations.
Neon Stingray, which designs, develops, and manage applications for the web, connected televisions, tablets, smartphones, and in-flight platforms, announced the acquisition today, but neither company has disclosed the value of the deal.
The local startup was founded in 2010 by CEO Chris Flintoft and CTO Patrik Molander as a boutique global business aimed at pairing engineering expertise in media and connected devices with marketing technology and user interface development.
The company specialises in creating enterprise-level products that incorporate back-end infrastructure and front-of-house consumer experiences, and claims Foxtel, Google, Hoyts, Telstra and Sweden’s TV4, among its roster of clients.
It expects to see significant increases over the next 12 months to its current employee footprint of 50, and claims the acquisition will enable it to leverage the global scale and client base of Valtech to rapidly grow both in Australia and across the Asia Pacific region with the support of the French company’s offices in India and Singapore.
Flintoft, who will remain as the company's head of business for the APAC region, said the deal would give Neon Stingray the leverage it needed to "break into the next level".
"We see huge opportunities to create new digital marketing experiences that bridge multiple devices and connected objects — and to enable brands to take advantage of the latest technologies in media, wearables, and the ever-expanding internet of things," said Flintoft.
"Our clients and partners can now access the huge capabilities of a global organization driven by a great vision of Agile marketing, but with the same boutique startup methods that we espouse at Neon Stingray."
Valtech's chairman and CEO Sebastian Lombardo lauded Neon Stingray for its "startup spirit", along with its technology prowess.
"Neon Stingray has unparalleled expertise in creating and delivering digital technology multi-channel platforms in brand content and video for world-class clients. Their start-up spirit, outstanding technology skills and reliable delivery perfectly match Valtech's values," he said.