Full-service digital agency Granite has acquired Limerick-based data science and digital marketing company Coalface in a seven-figure deal comprised of cash and equity.
Granite expects that its workforce will grow to 145 and that its revenues will exceed €18m next year following the acquisition.
The deal will amplify Granite's market presence and digital capabilities and expand its suite and services.
Adrian Feane, CEO of Coalface, will join the Granite team.
"The acquisition of Coalface aligns with our vision of cementing Granite as a leader in the digital transformation space," said Conor Buckley, CEO of Granite.
"Coalface's advanced AI capabilities and innovative approach to data science boosts our service offerings, allowing us to deliver increased value to our clients.
"This partnership provides marketers with enhanced visibility into their marketing performance and a broader suite of tools to meet their business goals."
Coalface manages over €220m in annual online revenues in 68 countries, and its more than 20 blue-chip clients include Aer Lingus, An Post, Allianz Care, Laya Healthcare and Continental.
The company also employs data science, revenue attribution and conversion rate optimisation experts, and brings with it advanced proprietary AI techniques.
Its services include data warehousing, conversion rate optimisation, marketing spend attribution, privacy, AI modelling, and measuring campaign effectiveness across multiple touchpoints.
“Joining Granite is a very exciting step for the team and clients at Coalface," said Feane.
"Having already worked closely together with Granite on multiple projects, we could clearly see the benefits of a full integration of our operations to deliver more complete solutions for our highly valued clients.
"This new venture creates further opportunities for us to shape a more data led approach to how marketers define their digital strategies.”
Established in Cork in 2008, Granite Digital specialises in providing full service digital solutions across strategy, web design, web development, digital marketing, and search engine optimisation.
It acquired digital design agency WONDR in November 2023, and the digital wing of New-York-based LCM 247 last year.
The company has a client base of over 1,200 organisations, among them Enterprise Ireland, Bons Secours Health System, Dublin Bus, Davy, Fexco and Aon.
For the past four years, Granite has been recognised by Deloitte as one of Ireland's 20 fastest-growing tech companies.
Accounts for Professional Granite Consulting Ltd show the company had shareholders funds of more than €3m and accumulated profits of €1.3m at the end of 2022. Coalface had reserves of €2.1m in 2023.
Photo: (l-r) Adrian Feane, CEO of Coalface, and Conor Buckley, CEO of Granite. (Pic: Supplied)
