British media and digital communication agency Aegis Media took over Romanian agency Kinecto from its two shareholders, Radu Ionescu (in picture) and Dragos Grigoriu, in a EUR 5 million deal, the agency recently announced. The price paid was based on projected future business performance. Established in 2003, Kinecto was one of the first digital agencies on the Romanian market, and in 2008, it became part of Tempo Creative Group.

Following its acquisition Kinecto will be integrated into the Isobar network and will be re-branded as Kinecto Isobar. "Kinecto is a great business which has strong potential for future growth,” said Hartmut Riester, CEO of Aegis Media Turkey, Romania & Bulgaria. Isobar is Aegis Media's global digital network.

Kinecto was founded in 2003 by former journalist Radu Ionescu, 35, who will continue to stay with the company as managing director. Dragos Grigoriu, founder of Tempo Creative Group, was an equal shareholder in the Kinecto business, and decided to make a total exit.

Kinecto had a turnover of just under EUR 1 million in 2012, up 32 percent on the year before. Aegis Media posted a turnover of GBP 1.1 billion in 2011, and a profit of GBP 161.8 million.

editor@romania-insider.com

(photo source: IQAds.ro)