Production agency Wellcom Group Limited
(ASX:WLL) has acquired New York based photo retouching company Dippin’ Sauce LLC for $US2.2 million.
The company says Dippin’ Sauce has annual revenues around $US2 million that flow from a range of specialised production services including photo retouching, CGI, pre-press work and colour management services.
Wellcom Executive Chairman Wayne Sidwell says the company is the perfect addition and will broaden Wellcom’s capabilities and enhance its service offering.
The buy will be funded with cash reserves and US debt finance.
Wellcom reported a net profit of $4.6 million in the first half of the 2015 financial year.
