Acquisition of Redbox Digital and expansion of the commerce & experience european network
SQLI, a European services group dedicated to the world of digital technology, is proud to announce the acquisition of Redbox Digital, an agency specialising in e-commerce with 80 talented staff focused on the United Kingdom, Middle East and South African markets.
Founded in 2004, Redbox has become one of the leaders in the development of e-Commerce platforms. This new acquisition will allow the SQLI Group to complete its flagship offer in this area and strengthen its presence in key markets.
Combining Consulting, Experience Design and Technology, plus 24/7 support capabilities via its service centres, Redbox has become the go-to partner for major clients including AXA Insurance, Nahdi Medical, Nespresso, Fortnum & Mason and Universal Music Group. Over the 2019 financial year, Redbox recorded sales of €7,3 million with near 10% growth and double-digit operating profitability.
Redbox has become one of the 10 Adobe/Magento Global Elite Partners, the world’s leading e-commerce platform. Awards won by the agency include Magento Spirit of Excellence Award for Best Ecommerce Launch in 2017, the Magento Great Explorer Award for International Expansion in 2016, Magento Digital Commerce Partner of the Year 2016, plus numerous customer success accolades.
Implemented as part of the ONE FORCE 2022 strategic plan presented by SQLI in July 2019, this new acquisition expands the Commerce & Experience centre’s digital agency network. This centre, which features more than 600 experts spread across 11 European countries (services centres not included), generated €104 million in sales in 2019. In addition to its organic growth objectives, SQLI has also expressed its desire to play a unifying role in the increasing concentration of digital agencies in Europe and is continuing to look into targeted opportunities to achieve its aim of becoming a leader in the European market.
SQLI acquired 60% of Redbox’s capital, along with its managerial team who remain fully committed to SQLI’s vision. The acquisition, the terms and conditions of which remain confidential, was paid for in cash. This acquisition will be consolidated in March 2020.
Didier Fauque, CEO of SQLI, said: “We realised Redbox’s expertise and values were very similar to the SQLI Groups. This acquisition will allow us to bolster our local presence in the United Kingdom, deploy commercially in the Middle East, and boost production and support capacities via our service centres. At the same time, we’re reinforcing our relationship with Adobe/Magento to make the most of the opportunities offered by the development of this leading e-commerce platform.”
Jonty Sutton, Founder and CEO of Redbox, added: “Today marks an important strategic step for Redbox. Over the last 15 years, we’ve firmly established ourselves as one of the top Adobe/Magento partners globally. Joining the SQLI Group gives us access to new resources, skills and experiences that will accelerate our growth and provide new and exciting opportunities for our team, as well as long-term value for our clients.”
SQLI will publish its annual results for 2019, on 24 March 2020, after the stock market closes.