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Here’s an interesting missive from Next 15, the growth consultancy that may or may not be buying Engine UK.
Next says its subsidiary Mach49, described as a growth incubator, “has entered into a five-year strategic alliance with a global technology and digital company, currently operating in stealth mode.” Stealth mode, that’s a new one.
Next goes on: “under the agreement, they will be tasked with helping create and launch a series of innovation-led, technology-driven, sustainable ventures across the world. Over the term of the contract, total fees including third party expenses are expected to be in excess of $400 million, with revenues in the first year to be approximately $50m.”
Which means extra goodies for Mach49’s equity holders in their earnout.
Next CEO Tim Dyson (left) says: “Since Mach49 joined the Group 18 months ago, they have significantly exceeded our expectations, and this latest client win is testimony to their success in working with global companies focused on venture building and venture investing to drive innovation and growth.”
Maybe this business transformation stuff is more than just a nice-sounding phrase.
