Marketer Mark Ritson’s MiniMBA has been sold to UK-based digital advertising and technology services company Brave Bison for £19 million (AUD40 million).
MiniMBA, a marketing skills and training platform, was launched in 2016 and more than 40,000 people have since taken the program.
“I have been hugely impressed from the very outset with the way Brave Bison operate and their vision for the future,” said Ritson.
“We could not have found a better home for MiniMBA and, given the vision and growth mindset that I have seen first-hand, becoming a significant shareholder in Brave Bison and member of the team is enormously attractive."
Brave Bison said the acquisition, which is partly being paid for by an oversubscribed share placing, is expected to increase net revenue by 43% to £36.5 million.
Ritson will continue to teach MiniMBA courses and will become a top five shareholder in Brave Bison as part of a £4 million personal investment.
Oliver Green, executive chairman of Brave Bison, said today's marketing professionals are operating in an environment that is more complex than ever.
“With culture fragmented and technology constantly evolving, the need to move with agility and think strategically has never been more paramount,” he said.
“At a time when the acceleration of AI has our industry looking inward, our focus is firmly outward to the needs of brands and the people behind them.
“MiniMBA's mission is to give CMOs and their teams the common language and strategic foundation they need to thrive in this new world.”
The £19 million purchase price equivalent to 5.3 times EBITDA (earnings before interest, taxes, depreciation and amortisation). MiniMBA is expected to generate net revenue of £11 million in the next financial year.
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