Revealed: Accenture Paid A Whopping $63 Million For The Monkeys

Revealed: Accenture Paid A Whopping $63 Million For The Monkeys

It appears guesstimates of The Monkeys’ price tag to Accenture – widely rumoured around the $20-$30 million mark – were way off, with revelations today the consultancy firm paid a staggering $63 million for Australia’s largest independent agency.

The Australian Financial Review has this morning reported the huge sum after it managed to procure documents filed with securities regulator the Australian Securities and Investments Commission.

What makes the $63 million booty so massive is the relatively small turnover and profit by The Monkeys in comparison.

As had been widely reported previously, The Monkeys, with 130 full time staff, made $21.6 million in revenue in the financial year to June 2016 and only $2.45 million of that was profit.

Based on that figure, the deal with Accenture was clearly based on three times the annual revenue turnover.

The AFR has reported that, “The purchase price will be divided in the typical fashion between an upfront payment and an earnout period. The key performance indicators, or key metrics, used to determine the success of the deal, and the earnout, are mostly based around staff retention.”

What is not clear is The Monkeys’ founders continuing role in the business. Scott Nowell, Mark Green and Justin Drape have all publicly stated they will stay with the business, but for how long is anyone’s guess. With such a windfall under their belts a new venture should surely be in the offing?

Back in May, when the Accenture deal was struck, The Monkeys’ CEO, Mark Green, said it “would be business as usual”and the sale was “the natural evolution in the agency’s life”.

Green also revealed there had been other offers on the table, which can now be revealed as having come from PwC.

At the time Green told B&T“After almost 11 years we were looking at different ways to keep growing and learning new things and this presented a really good opportunity to do just that.

“The whole industry is undergoing so much change because that’s because what clients want is changing so rapidly. So, from that standpoint, it didn’t feel odd to us.”

Alongside Green, Drape and Nowell, the other owners of The Monkeys include executive planner Fabio Buresti, David Park, the owner of design agency Maud which was part of the Accenture deal, Nicholas Jackson, a managing partner at Maud, and Matthew Michael, a managing director at The Monkeys.




Latest News

Revium Snags Peter Bauld From Deloitte Digital
  • Advertising

Revium Snags Peter Bauld From Deloitte Digital

Revium, a leading full-service digital and AI consultancy, has announced the appointment of Peter Bauld (lead image) as Executive General Manager. Revium is a full-service digital and AI consultancy with over 20 years of experience creating engaging digital experiences for leading organisations and their customers. Bauld joins Revium after an illustrious career spanning over two […]

Veridooh Snatches Prashand Menon From ScentreGroup
  • Advertising

Veridooh Snatches Prashand Menon From ScentreGroup

Out-of-home OOH) and digital media leader Prashand Menon (lead image) has joined OOH ad tech company Veridooh as group business director within NSW and QLD. Menon joins Veridooh from his most recent role as ScentreGroup’s group business director and brings with him more than 10 years of experience in Australian media. Previously, he held positions […]

Kat & Co Transforms Into THE WORLD OF Experiential Agency
  • Advertising

Kat & Co Transforms Into THE WORLD OF Experiential Agency

After more than twelve years of producing experiences for some of the world’s most innovative brands, including Hermes, Van Cleef & Arpels, Louis Vuitton, and Tiffany & Co, Kat & Co has quietly metamorphosed into THE WORLD OF. THE WORLD OF is an experiential agency at the juncture of culture, technology and the human condition. […]

SMG Studio Launches Risk: Global Domination X Dune Part Two
  • Campaigns

SMG Studio Launches Risk: Global Domination X Dune Part Two

Through a licensing agreement with Legendary Entertainment, SMG Studio inked the rights to adapt Dune: Part Two into a game based on Risk: Global Domination, Hasbro’s interactive board game. Inspired by Denis Villeneuve’s cinematic masterpiece, Dune: Part Two, this new digital adaptation, RISK: Global Domination X Dune: Part Two, is poised to captivate players from […]

QMS: Taylor Swift, Lunar New Year & Mardi Gras Were Boon For OOH Market
  • Marketing

QMS: Taylor Swift, Lunar New Year & Mardi Gras Were Boon For OOH Market

Taylor Swift, Lunar New Year and the Sydney Gay and Lesbian Mardi Gras Festival have had a dramatic impact on the number of people moving in and around Sydney over the past month, drawing big crowds into the heart of the city and its surrounding suburbs. New data from digital outdoor company QMS reveals a […]