Pays €28.5m for compatriot D2C and music specialist.
The two Italian firms were first linked in February, when Buongiorno presented a non-binding offer to acquire up to 100 per cent of Dadanet shares from Dada S.p.A.
Now that deal is complete.
These two firms are giants of the first generation of D2C content. Both sold personalisation products direct to consumers, but Buongiorno subsequently diversified into white-label B2O deals, CRM and social media.
Dada pursued a different path, trying to establish full track mobile and online music services. It reported 2010 revenue of approximately €76m and an EBITDA of approximately €10m. 40 per cent of revs come from the US.
Dada has bought back the 13 per cent share owned by Sony Music Entertainment.
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The buy-out will mean 150 Dada employees joining Buongiorno’s team, including CEO Massimilano Pellegrini, although Buongiorno has undertaken to maintain Dada.net's headquarters in Florence for least 18 months after the closing date.
Dada.net operates in 16 countries: Italy, the US, Canada, Germany, France, Portugal, Australia, Spain, Belgium, Austria, Brazil, Argentina, Mexico, Hungary, Indonesia, and South Africa.
Andrea Casalini, CEO of Buongiorno, said: “The acquisition cements our position as an aggregating company that has shown its ability to attract the best talents in the market, also through M&A transactions."
"Dada.net is an acquisition of great importance, since it is not only complementary in terms of products and geographical footprint, but it also brings to Buongiorno the excellent skills of innovative product primarily in the mobile Internet market, and enables us to win the competition in a highly challenging environment at a global level."
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