Having declared their intent to boldly turn ITSA (IT staff agency) Parity into a digital media consultancy (see Parity shoots for the (digital media) stars), top team Philip Swinstead and Paul Davies have secured their first acquisition on that mission (indeed, we think Parity's first since 1999), that of Shoreditch-based, self-styled “pioneering creative 3D technology company”, Inition. The cash and share deal sees Parity paying up to £3.75m, performance-related. Inition closed its FY (to 31st March) with revenues of £2.64m, with PBT just ahead of break-even. Parity expects the deal to enhance earnings this year. Parity carried pre-tax losses of £2.15m in 2011.
We’ll be meeting Messers Swinstead and Davies again soon, and just can’t wait to hear more. Parity is certainly not the only ITSA to use the cash from its recruitment arm to fund grander ambitions (see ReThink rethinks Aiimi brand and work back). But if it succeeds, it may well be the first!