Iconic Australian market technology enterprise buys TheLab in New York for $7.2million to complete a worldwide network of graphic arts production facilities.
The acquisition of the creative production agency means that the South Melbourne business now operates out of London, Kuala Lumpur, Singapore, Adelaide, Sydney, Auckland, New York, Los Angeles and Ohio. Buying TheLab is part of a strategy to position Wellcom as a creative content provider instead of being merely a graphic arts business.
According to founder Wayne Sidwell, writing in Wellcom’s own publication, Vision, the achievement of becoming a global business seems incredulous considering Wellcom’s humble beginnings in Port Melbourne in 2000. He writes that TheLab services some of Madison Avenue’s best [advertising agencies], including Dentsu, McGarry Bowen, and direct clients including David & Goliath, Victoria’ Secret and Simon Malls.
"This acquisition is in line with our previously outlined strategy to continue our geographical expansion. After careful consideration of the opportunities available, we believe that we have found in The Lab, a strong base from which to establish a meaningful presence in the U.S. market”, said Sidwell.
The previous owner of the business, Dave Bridges will continue to run the operation.
Another acquisition closer to home also reinforces Wellcom’s evolution into being a creative content provider. It picked up Sydney-based video creation business Think Bone.
Wellcom began as a prepress graphic arts business, the product of deep industry pioneering knowledge by Sidwell in the family firm, ShowAds that was sold to PMP. It quickly became a visual data asset management company moving towards providing production services for large corporations, often in-house before morphing into its current. It now employs over 350 people around the world and was listed on the ASX in 2006.