Editor’s note: The initial headline on this story incorrectly identified Matchbook as Matchbox. We have corrected the error.
Indianapolis-based marketing firm Matchbook on Thursday announced it has acquired MilesHerndon, a local branding and marketing agency founded in 2002.
Financial terms of the acquisition, which closed in March, were not disclosed.
Founded in 2007, Matchbook is listed as the Indianapolis-area’s 17th largest advertising agency in IBJ’s most recent rankings, based on number of employees.
Matchbook, company officials said, has focused on agency expansion over the last year, increasing staff to support new business initiatives in digital, web and communications, to complement service offerings to existing clients.
MilesHerndon’s emphasis on full-service solutions for global enterprises and large not-for-profits, particularly in website design and development, made for a perfect alignment with Matchbook’s mission, Matchbook officials said.
According to Matchbook co-owner and President Christy Gormal, “this is an asset acquisition.” The only one of about 12 of MilesHerndon’s employees that is joining Matchbook is the firm’s owner and CEO, Daniel Herndon, who is taking on the role of strategic consultant. The acquisition gives Matchbook 21 full-time employees.
MilesHerndon was ranked as the metro area’s 29th largest ad agency in the IBJ’s most recent rankings.
Gormal estimated that 80% or MilesHerndon’s clients will become Matchbook clients. Those clients, she said, are primarily digital clients.
Matchbook has 50 clients and expects to add 20 more from the acquisition. As a result of the acquisition, Matchbook anticipates a double-digit percentage revenue increase in 2021.
“This acquisition was in the works prior to the pandemic, so transitioning to the next phase of our agency during this time has certainly been an interesting process. Matchbook has never been afraid of a challenge though—challenge often presents opportunity,” Matchbook co-owner and CEO Donna Gray said in a statement. “We have always been strategic about growing our agency, both in services and partnerships in the community. We are going to follow that path, exploring where we can continue our growth.”
Matchbook, which is known for its expertise in strategy, design, digital, communications and community engagement, counts companies such as Allegion, IndyHumane and Milhaus among its clients.
“I’m thrilled with the opportunity that is created from this combination of talents,” Herndon said in a statement. “Even through the pandemic, our agencies have pooled our resources together to better serve our clients during a critical time. Matchbook’s acquisition of our company provides a major opportunity to extend services that can be offered to our clients and gives us the chance to contribute to an exciting phase in the agency.”