(MENAFN) Investcorp, a Bahraini alternative investment manager, announced selling SourceMedia to Observer Capital, a private equity firm, Gulf Daily News reported.
ServiceMedia, a business to business media company, was purchased by Investcorp in 2004 and has since then diversified its revenue to include digital media, marketing services, and events.
Investcorp said that this sale comes in the midst of a very profitable year which witnessed the company executing eight corporate investment realizations and reaching USD1.3 billion this year in profit.
"We were able to develop and implement a highly-successful digital strategy and evolved our business to a digital-first publishing, marketing solutions, and performance-based marketing company," said SourceMedia chief executive.
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