Press Release: Penton Acquires iNET Interactive, a Leading Event and Digital Information Company Serving the Cloud, Hosting, and Data Center Segments
Penton's Proven Growth Model
iNET Interactive shares identical attributes with Penton's other highly successful acquisitions over the past few years with Farm Progress Group in 2012 via Fairfax Media [ASX:FXJ] and Aviation Week in 2013 via McGraw Hill Financial [NYSE:MHFI]. In all cases, Penton has acquired quality assets that complement existing Penton sector businesses and create scaled leadership in attractive, growth oriented markets. Additionally, Penton unlocks additional growth for these businesses by utilizing its best in class capabilities engine in areas such as marketing services, digital and data product development, events management and marketing automation.
Troy Augustine, iNET Chief Executive Officer said, "The iNET team has worked diligently to build iNET into the strong company it is today. We are proud to have been recognized for seven consecutive years on the Inc. 5000 list of fastest-growing, private companies. Now as a part of Penton, iNET will have access to a broad array of corporate capabilities that can be leveraged quickly and effectively. Simply put, Penton can take iNET to the next level of growth."
iNET will join other leading Penton Technology properties such as MSP Mentor, The VAR Guy and IT Connections franchise that serve IT Professional, IT Channel and Business Decision Makers under the leadership of Penton Group President Sanjay Mutha, as Augustine transitions from the business. "Troy has built an excellent business, and I know he will have continued success as he moves to his next entrepreneurial venture," said Mutha.
iNET Furthers Penton's Successful Transformation
Over the past few years, Penton has successfully transformed into a professional information services company with fast growing digital/data, events and marketing services as its predominant sources of revenue and EBITDA. In 2015, over 70% of revenues and over 80% of EBITDA will come from these lines of business, which are showing double digit revenue growth. Growth has been supported by a balanced, three pronged approach of new product development, continuous improvement of the existing portfolio and strategic acquisitions.