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St Ives Acquires The App Business for £22m

Alex Spencer

The App BusinessMarketing services group St Ives has acquired of development firm The App Business.

St Ives is initially buying a 82.2 per cent share of the company for £22.3m, and intends to acquire the remaining 17.8 per cent next month through an option arrangement.

Founded in 2009, The App Business describes itself as 'a mobile-led consultancy specialising in strategy, product development and business transformation'. The company has around 120 employees, and counts Unilever, Tesco and News UK among its clients.

The App Business will stay in its current London offices, and continue to be run by the existing management team.

This isn't the only investment St Ives has made in the space – last March, it bought US-based digital product design and engineering firm Solstice Mobile for an undisclosed amount, and back in 2012, it took a 24 per cent stake in mobile marketing firm Sponge for £1.5m.