RMG Networks Completes Symon Acquisition
SCG Financial Acquisition Corp., (RMG Networks) has announced the successful acquisition of Symon Communications Holdings Corporation, global provider of intelligent visual communications.
With this step, RMG Networks expands its digital signage media offering to include complete end-to-end solutions providing hardware, software, professional services and monetization management for both advertising and non-advertising digital signage customers.
This transaction follows the recently completed business combination of Reach Media Group Holdings, Inc. and SCG Financial Acquisition Corp.
The combination of RMG Networks and Symon creates a leading digital signage media company that offers intelligent visual technology solutions to enterprise customers and leadership in digital place-based media to advertisers. RMG Networks now has over 7,500 customers, including approximately 70% of the Fortune 100, a majority of the Fortune 500, and over 1 million installed screens.
“The acquisition of Symon creates a digital signage solutions powerhouse with what we believe are financial strengths and technological capabilities unlike any other in the industry,” says Gregory Sachs, executive chairman, RMG Networks. “This is a fast-moving time for the digital signage industry, and this combination positions us to lead when demand is growing. This is an important step for us as we continue to seek opportunities to expand our business through organic growth, acquisition and technological innovation.”
Following the closing of the acquisition, RMG Networks will relocate its global headquarters to the Dallas metro area. The legacy Symon business will operate as a business unit of RMG Networks under the name RMG Enterprise Solutions. Key members of the Symon management team will remain with RMG Networks, including William Cole, Symon’s CFO, who is expected to be named the CFO of RMG Networks, and Charles Ansley, former Symon CEO, who is expected to be named president of RMG Enterprise Solutions.
Lazard Freres & Co LLC acted as exclusive financial advisor to RMG Networks and legal Counsel to RMG Networks is Greenberg Traurig, LLP. Legal counsel to Symon was Kirkland and Ellis LLP.
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