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Troika Media Group (Nasdaq: TRKA) released audited financial results for Converge Direct, indicating a robust year in 2021. Revenue rose by 23% to $294 million, driven by heightened demand in performance marketing, leading to increased client acquisition. Operating income also surged by 32% to $21 million, thanks to revenue growth and reduced administrative expenses. Executives express optimism about Converge's integration, promising enhanced client value and improved performance outcomes through innovative technologies.
Troika Media Group (Nasdaq: TRKA) has appointed Erica Naidrich as its new Chief Financial Officer (CFO), effective immediately. Naidrich brings over 20 years of financial leadership, having previously served as VP of Accounting for Madison Square Garden Entertainment Corp. She will oversee global finance and enterprise functions, reporting to CEO Sid Toama. Her appointment aims to enhance Troika's financial reporting and planning capabilities, particularly following the acquisition of Converge Direct. Christopher Broderick remains COO.
Troika Media Group (Nasdaq: TRKA) reported a 307% increase in revenue, reaching $15.7 million for Q3 2022, largely driven by the acquisition of Converge Direct. This acquisition, completed on March 22, 2022, contributed $10.0 million in revenue over just 10 days. The company ended the quarter with $42.4 million in cash and anticipates continued revenue growth for FY 2022. Operating costs rose to $17.6 million, leading to an operating loss of $13.7 million.
Troika Media Group (Nasdaq: TRKA) has appointed Sid Toama as Chief Executive Officer and President, effective immediately. Toama, who also serves on the Board of Directors, will lead the integration of Converge Direct, acquired in March 2022. With extensive experience in digital transformation and global markets, he aims to enhance Troika's brand building, technology, and marketing strategies. Chairman Robert Machinist endorsed Toama's capabilities, emphasizing his strategic vision for expanding business opportunities in the U.S., U.K., and beyond.
Troika Media Group (Nasdaq: TRKA) announced its support for Diet Coke's 'Love What You Love' campaign in Great Britain through its London-based brand experience agency, Mission. The campaign features new creative elements, including a commercial and a partnership with London Fashion Week. Mission's strategy emphasizes a PR content series and influencer marketing to enhance brand awareness and engagement. The campaign coincides with London Fashion Week from June 11 to June 18, 2022, aiming to inspire Diet Coke's loyal fanbase, celebrating their individuality and preferences.
Troika Media Group (TRKA) has announced a collaboration with the Southland Conference to enhance its branding and marketing strategy. This initiative involves a comprehensive rebranding plan including a new name, logo, and brand positioning aimed at unifying the conference's identity amidst evolving college athletics. With a history since 1963 and eight member institutions, the Southland Conference seeks to improve its standing and visibility. Troika's expertise in sports branding, demonstrated through partnerships with major networks, positions it well for this project.
Troika Media Group (Nasdaq:TRKA) reports strong revenue growth of over 78% for the first half of 2022, driven by increased demand for digital marketing services as global brands return. The acquisition of Converge Direct enhances their capabilities in digital advertising, adding over $300 million in revenue with a 90% retention rate and an estimated EBITDA of $27 million for 2022. TMG aims to enhance shareholder value and integrate their marketing solutions, capitalizing on over 350 client relationships across various industries.
Troika Media Group (Nasdaq:TRKA) has completed the acquisition of Converge Direct LLC, a prominent digital and offline performance marketing company. This strategic move aims to enhance Troika's branding and marketing capabilities, creating a robust, global solutions platform. Financial highlights include Converge's 2021 revenue of approximately $300 million and an estimated combined adjusted EBITDA of over $27 million for 2022. The acquisition is expected to significantly benefit long-term growth and profitability, with most revenue anticipated to be recurring post-closure.
Troika Media Group (Nasdaq:TRKA) announced a $50 million private placement of Series E convertible preferred stock and warrants, allowing for the purchase of up to 33,333,333 shares of common stock. Each share of Series E Preferred is valued at $100 and convertible at $1.50. The gross proceeds are expected to support the acquisition of Converge Direct LLC. The closing is anticipated around March 21, 2022, pending customary conditions. The offering targets accredited investors and will not be registered under the Securities Act, allowing for limited resale opportunities.
Troika Media Group (Nasdaq: TRKA) announced its subsidiary, Troika IO, has integrated with Circle to enhance its NFT marketplace, Redeeem. The integration allows customers to purchase NFTs using debit and credit cards, ACH transfers, and wire transfers, improving user experience and compliance. Redeeem offers zero gas fees for minting NFTs and supports various blockchains. Troika IO also plans to integrate with Plaid to further simplify transactions, aiming to make digital goods purchases as accessible as traditional consumer goods.
