Mitchell buys Perth web firm for $13m
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Thursday, 28 August, 2008 - 08:48
Perth-based web design firm Vivid Group has been acquired by national company Mitchell Communications Group for $13 million in cash.
In its preliminary final report, the national communications group revealed that it had acquired 100 per cent of the issued capital of Vivid Holdings Australia Pty Ltd, which delivers services in branding, digital media and application development.
Vivid was formed in 1996 as a small web development company that has grown to become a national integrated company with over 500 clients.
The company is owned by managing director Damian Cook.
Mitchell announced a 102 per cent jump in net profit to $18.2 million for the 2008 financial year, struck on a 131 per cent increase in total revenues of $190.8 million.