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Publishing industry software provider Ingenta has acquired magazine and newspaper industry software supplier 5fifteen.

The purchase, which was completed on 29 July, will allow Ingenta to strengthen its product portfolio and strategically build on its existing plans to diversify its client base. This will extend its offering into the media industry as well as the trade and academic publishing markets.

Ingenta will pay up to $1.32m for the share capital of 5fifteen, half of which will be paid now and half as an earn-out on revenue.

5fifteen is known for its web-based advertising platform Ad Depot, which enables media organisations to sell, manage and deliver print and digital advertising.

Ingenta said Ad Depot complements its web-based offerings and will broaden the overall appeal of its products and help it to establish a stronger foothold in the media industry.

Ingenta’s turnover for 2015 was $19.41m while 5fifteen’s turnover for 2015 was $2.52m. Ingenta said its results for the year to 31 December 2016 will include five months of the acquired business from 1 August.

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