Cogentis Sells to BlueFreeway
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Chris Dimmock Lays It On The Line
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By Martin Kelly
Chris Dimmock, owner of search engine marketing outfit Cogentis, has sold 20% of the company to BlueFreeway in return for 70,000 shares.
BlueFreeway is scheduled to list on the Australian Stock Exchange next month and shares in the Initial Public Offering are being marketed for $1.
The company is a stock market play orchestrated by advertising heavy Greg Daniel, former CEO of Clemenger Sydney and The Campaign Palace.
Daniel is Chairman of BlueFreeway while Richard Webb, formerly of Citect, Nielsen//NetRatings and Red Sheriff, is the Chief Executive Officer.
BlueFreeway is a holding vehicle for 10 different hosting, digital marketing and communication companies that will provide centralized sales and administrative support.
The IPO will raise $36.3 million in cash, most of which will be used to acquire shareholdings in destra Hosting ($18 million plus one million shares) and email marketing company, Forty Two ($10 million plus at least $2.5 million in shares).
These companies will provide most of the initial income.
Other members of the “digital dream team” include MassMedia, Spin, Deepend, Agency Fusion, IXION, Communicator Interactive, eHound and Cogentis.
Dimmock has agreed to sell the remaining 80% of Cogentis at a rate to be determined on over the next three to five years.
"I think this is a great opportunity to scale Cogentis," Dimmock said.
Cogentis is based in Sydney, has five staff and its major clients include ninemsn, Reader's Digest and Mobile Active.
- Chris Dimmock will be a speaker at Search Engine Room in Sydney on March 20 & 21.
29 November 2006
