Vinyl Group has continued on the acquisition path, snapping up end-to-end events and brand activations business, Funkified Entertainment in a deal worth $2.5 million, comprising $1.8M in cash, $200K in shares, and $500K in deferred performance shares.

It follows Vinyl Group's recent acquisition of media and marketing trade publication and events business, Mediaweek, and publishing and events group The Brag Media earlier in the year, with the latest takeover expected to bring Vinyl Group's event functions and capabilities in-house.

The acquisition of Funkified Entertainment is expected to cost $2.5M, comprising $1.8M in cash, $200K in shares, and $500K in deferred performance shares. This strategic move is anticipated to bring Vinyl Group's event functions and capabilities in-house, thereby improving margins and accelerating growth.

Founded in 2009, Funkified has served as The Brag Media’s in-house events arm since 2021 and as a brand activation agency for some of Australia's largest advertising and creative houses. Upon completion of the acquisition, Funkified Founder & CEO Gus Stephenson will enter into a full-time employment agreement with Vinyl Group to lead Funkified towards achieving its performance goals.

"The acquisition of Funkified completes our acquisition strategy aimed at fully realising the opportunities identified in The Brag Media business, while improving group company margins, revenue and driving growth. Additionally, it accelerates our path to profitability. We look forward to welcoming the Funkified team and working closely together on opportunities to grow," said CEO of Vinyl Group, Josh Simons.

Funkified's unaudited revenues for the 2024 financial year amounted to $4.03M, with an EBITDA of $430K. The acquisition is expected to be completed by no later than 31 December 2024.

"Following several years of working closely with the incredible team at The Brag Media and Vinyl Group, creating some of the country’s largest and most innovative events and activations, it is an exciting step in our 15-year history to officially join Vinyl Group. We look forward to bringing our expertise and accelerating the growth and profitability of events and activations across the wider organisation," said Founder & CEO of Funkified, Gus Stephenson.

Vinyl Group's diverse portfolio includes Vinyl.com, Vampr, Jaxsta, Mediaweek, and The Brag Media.