Be Heard snaps up Soho rival Kameleon in bid for digital growth

Advertising veteran Peter Scott’s Be Heard marketing group has snapped up a Soho rival in a deal that could net the founders £10 million.

Aim-listed Be Heard is buying digital marketing firm Kameleon, giving Mark Webster and Richard Armstrong £4 million, of which £2.6 million is cash. There could be another £6 million in cash and shares over the next three years if earnings targets are hit.

Kameleon, based on Dryden Street, was set up in 2008. Its clients include Danone, Quorn, RockCorps, Celebrity Cruises, Lee Cooper, National Citizens Service, City Index and Sony.

Scott, who started at Ogilvy & Mather, co-founded WCRS, which later became Aegis. Last year Kameleon had revenues of £2.43 million, an amount it expects to grow this year to £3.89 million.

Be Heard joined Aim in in November 2015 at 3.25p. Today the shares were up 0.23p at 3.63p.

Peter Scott said: “Digital content is a natural next step for Be Heard as we develop our range of services across the digital ecosystem, and Kameleon is precisely the sort of agency we want.”