Cello has acquired Navigator Responsive Advertising, the direct marketing agency based in Edinburgh.
The deal is worth a total maximum consideration of £4.6 million in cash, loan notes and new ordinary shares.
Navigator will be incorporated into Target, the Cheltenham-based direct and database marketing consultancy, which is one of Cello's three platform operations.
Cello listed on AIM in November.
For more news on the deal see the Drum magazine on Friday...