By Greg Hazley
PR Newswire’s international expansion has continued with its parent company’s acquisition of Hong Kong’s Corporate 360 in a deal worth up to $1.4M.
United Business Media opened its wallet earlier this month to acquire PRN operations in Brazil and Argentina.
"We continue to see significant opportunities to develop PR Newswire in China and in the wider Asia Pacific region," PRN CEO Ninan Chacko said in a statement.
UBM said it made the Hong Kong deal for an initial cash payment of $350K with earn-outs that could add up to $1M over three years.
The company said Corporate 360 will enable PRN to expand its multimedia and investor relations offerings in Asia.
Corporate360 handles webcast and other business communications services across the Asia Pacific region, including China. UBM said its 2010 revenue would be in the $400K range.
PRN bought out its China partner Xinhua in November 2008 for $6M.
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