Dubai-based fintech group International Blockchain Capital (IBC) Group Limited bought into homegrown media brand Acumen Advertising as part of the group’s diversification plans for 2018.
The investment is the first of its nature within the media and marketing space in the region and is geared to give way to greater adoption of the Blockchain technology across disciplines.
The IBC Group was established in 2014 in the UAE, and traditionally invested in Blockchain technology projects that were globally funded by High Net Worth Individuals and private family offices. The group is also a substantial owner and early adopter of various digital currencies.
Acumen Advertising led by industry veteran David Tobias and Alia Al Nabooda, is a Dubai-based communications outfit and has been in business for 25 years. During the course of its existence, the organization has been associated with some of the most valuable brands locally and internationally including Standard Chartered Bank and Rotana Hotels. The company has evolved since, increasing its digital offering portfolio, which helped spark the investment interest from IBC Group.
“Blockchain is to now what perhaps the wheel was to the Bronze Age. It is a robust, scalable, and transparent platform that can and will aid the growth of all businesses in the coming days. The utility of Blockchain and application of digital and community currencies is however not limited to online trading only and does have immense practical value when applied correctly to other transactions. Our decision to diversify and lead by example is the concern behind the investment,” said H.E. Khurram Shroff, chairman of IBC Group.
“Besides an in-depth involvement in several Blockchain projects, Acumen Advertising will now accept payments in digital currency. The future is digital, so why should we any different,” he added.
“IBC Group’s involvement with Acumen is a welcoming addition to our capabilities. In addition to enhancing our existing operational prowess, the group’s experience in Blockchain will add to, and shape the agency’s future prospects. The partnership between the two entities goes beyond just financial stakes and I would like to thank IBC Group’s leadership for their hands on involvement in the business,” said David Tobias, CEO, Acumen Advertising.