UK partner buys stake in local dev studio
Procurement and supply chain specialist State of Flux has purchased a 10% stake in Auckland-based digital agency Marker Studio.
Headquartered in London, State of Flux’s stake in the award-winning application developer will help exploit the growth potential for Marker through their partners’ client base across Europe.
The deal, the value of which has not been disclosed, follows a seven-year partnership on State of Flux's pioneering Supplier Relationship Management (SRM) System.
"The existing partnership with State of Flux has been highly successful and this new phase will foster exciting growth potential both locally and overseas,” says Jon Beattie, managing director of Marker Studio.
"It opens up new opportunities for our respective clients, as well as aligning the two teams and their complementary skills more closely."
The agreement also allows access to Marker’s development team, extending State of Flux’s capabilities to design and build innovative applications for their market.
Named "Cool Vendor” by analysis firm Gartner last month, the UK-based company will seek to expand their presence in the Australasian market for procurement and supply chain services.
"We believe the market for procurement apps will grow significantly over the next 3-5 years,” says State of Flux chairman & founder Alan Day.
"Joining forces with Marker and its award-winning app development team will enhance State of Flux's ability to capitalise on these opportunities.
"Both companies have a strong track record of innovation and pushing the boundaries in our respective markets.
"Our successful collaboration in developing the SRM System - an industry-leading solution for managing strategic customer-supplier relationships - is a clear example of how, by working together, we can deliver real value to our clients."