MioGroup Completes the Acquisition of Dendary, Its Digital Marketing Agency Specializing in Marketplaces
This transaction is part of the group’s strategic growth plan, through which the Spanish-based advertising group aims to expand its range of services and its international presence.
The holding company has thus completed the full integration of the firm, following its 2021 acquisition of 51% of the shares in MetaStartup, the company that owns Dendary
(Press release) MioGroup has completed the acquisition of Dendary, its digital marketing agency specializing in marketplaces, particularly Amazon. The Spanish group has acquired the remaining 49% of Dendary’s equity as part of its strategic growth plan, through which it seeks to expand its current service offerings and its international geographic presence. This move follows its 2021 acquisition of a 51% stake in MetaStartup (the parent company of Dendary) and its announcement of its intention to increase this stake within a maximum of four years, with the valuation subject to the business’s performance.
Dendary closed out 2022 with revenue of 1 million euros, which has driven MioGroup’s decision to fully integrate the company into its brand ecosystem. In addition, the group has taken into account the current growth trend in the e-commerce sector, which continues to post annual growth rates of around 20%, with even higher rates in the marketplace segment, including Amazon, Miravia, and Mercado Libre, among others. As a result, MioGroup expects business growth in line with the sector’s over the next few years. According to Aitor Grandes, CEO of Dendary and the group’s new head of innovation, “this acquisition will directly benefit our current clients and provide added value for potential clients, so that, from now on, they will have a single provider to define, operate, and optimize their online sales channels.” For his part, Álvaro Cabrera, CEO of MioGroup, emphasizes that “in an increasingly complex digital marketing and sales environment, at MioGroup we remain committed to growing our strategic capabilities to manage all that complexity and provide our clients with an integrated service that gives them control over their investments; thereby boosting the return on investment and the impact on their business.”
The group recently released its half-year results. MioGroup reported revenue of 35.4 million from January through June 2023, up 1.23% from the same period last year. In addition, the company improved its gross margin, which reached 11 million euros—a 23.62% increase compared to the 8.9 million reported in 2022. With the full integration of Dendary into the business, MioGroup seeks to strengthen its cross-functional approach and its specialization in digital marketing services; specifically, by helping brands increase their visibility and business on marketplaces—both generalist and vertical—at the national and international levels. To achieve this, it relies on an international team composed of native speakers from the main markets where it operates. Since 2021, with Dendary’s incorporation into MioGroup, both companies have naturally converged toward an increasingly integrated model of collaboration alongside other agencies in the group, such as HMG, which specializes in performance marketing.
