Catcha Digital to acquire MY's Digital Symphony for RM21.2 million

Malaysian-based investment holding company, Catcha Digital has submitted a letter of intent to acquire 51% equity interest in digital agency, Digital Symphony. The acquisition, which costs about RM21.2 million, aims to increase Catcha Digital’s earnings per share, according to a statement by the company.

Digital Symphony operates across Malaysia and Singapore and serves clients such as Sunway Property, Sime Darby Property and Mah Sing to name a few.

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The consideration payment will be paid over two years under the condition that Digital Symphony fulfils its profit guarantees. The guarantees include RM4 million in audited profit after tax for the first year post-acquisition and RM4.3 million for the second year post-acquisition.

Payment for the purchase consideration of Digital Symphony is expected to be funded through a combination of internally generated funds, debt financing and equity financing, it said. 

“We are excited to become part of Catcha Digital as this will enable us to unlock new growth opportunities,” said Kuhan Kumar, founder and CEO of Digital Symphony.

He also said that at the same time, it looks forward to bringing its proprietary software and analytics tools along with its capabilities in performance marketing to Catcha Digital’s existing clients.

In fact, the digital agency only recently expanded into Singapore in June this year. Along with its new office in Singapore, Digital Symphony appointed Chrix Yong as its new managing director to lead the Singapore office, along with other regional markets.

He brings with him two decades of experience in the creative-media industry. Prior to his appointment as managing director at Digital Symphony, Yong was managing partner at WPP’s Wavemaker from January 2018 before which he helmed the roles of business director at dentsu Aegis Network, group account director at Grey Group, senior account director at McCann Worldgroup, associate account director at DDB as well as associate account director at Publicis Singapore.

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