United Business Media, through its London-based subsidiary PR Newswire, has acquired The Fuel Team for up to $7 million (£4.2 million).
United Business Media (UBM), through its London-based subsidiary PR Newswire, has acquired The Fuel Team (TFT) for up to $7 million (£4.2 million).
TFT builds and hosts specialist websites for communications professionals. Founded in 2001, the Colorado-based company employs 16 staff and generated revenue of $3.5 million in 2008.
Ninan Chacko, CEO of PR Newswire, said: ‘We are looking forward to working together even more closely to further enhance the Fuel Team technology, building new products that can help communications professionals to engage their key audiences online even more effectively.’
In the six months to June 2009, UBM reported a decrease in revenues of 2.4 per cent to £435 million and operating profits were down 13 per cent to £78.3 million.