Large print advertising firm, iPrint Digital has acquired billboard advertising agency National Outdoor Agency with the assistance of JMMB Securities as financial advisors to the deal.

According to Stephen Steele, chairman of iPrint Digital, this deal brings together the vibrancy and agility of the 12-year-old Jamaican-run and -owned iPrint Digital and the strength and experience of the 50-year-old industry leader, National Outdoor Agency.

“Together, the possibilities for the industry become endless, as it will not only be served by a dominant, dynamic industry leader, it will immediately experience the best outdoor billboard portfolio [and] upgraded with the best outdoor digital capabilities and an enhanced national network. The ultimate aim is to provide greater opportunities so the clients in turn can capture the attention of their customers throughout the island,” Steele explained.

The deal was officially completed at the iPrint Head Office on Westminster Road on Tuesday, where the company successfully finalised the acquisition of Fundamental LC, which owns 100 per cent of National Outdoor Advertising Limited, at an undisclosed price.

NOA believes this move is great for both companies. “With well over 800 advertising faces across the island, this provides the platform for growth in both physical and digital OOH. Two great companies have come together to bring more options and flexibility to meet the advertising and promotional needs of our clients, as we remain committed to providing the best quality and service they have become accustomed to. As we see it, this union is the perfect merger – where competencies of outdoor media, print and fabrication converge under one umbrella,” Karen James, CFO & general manager National Outdoor Advertising.

“The industry, the economy, and by extension the country move forward by entrepreneurs making bold moves, pushing the boundaries, doing great things while in the process deploying capital, creating jobs and stimulating aggregate demand. This is truly a case where the value of the new blockbuster entity far exceeds the summation of the individual parts,” Steele said.

According to grandviewresearch.com, the global digital signage market size was estimated at US$16,044.1 million in 2016 and is anticipated to reach US$ 31,714.1 million by 2025. This industry growth is accredited to the increasing demand for the digital promotion of products and services so as to attract the attention of the target audience in an effective manner.

Digital signage offers the necessary quality information to a large number of viewers by utilising huge display screens across a location with a concentrated target audience. With digitised display technology, information is provided in a digitised format that includes motion and pictures in order to attract customers with more impact, as compared to the traditional modes of reaching out to customers.