The Hyperfactory sold to US media company

The Hyperfactory CEO and co founder Derek Handley. Photo / Supplied

United States based Meredith Corp has bought out New Zealand mobile marketing company The Hyperfactory for an undisclosed sum.

Meredith took a minority stake in the company founded by New Zealand brothers Geoffrey and Derek Handley in 2009, and said it has bought the rest of the company.

Meredith owns 23 subscription magazines, including Better Homes and Gardens, Parents, Ladies' Home Journal, Family Circle, and American Baby.

It also owns 12 television stations and has 32 websites and strategic alliances with leading internet destinations. It employs 3300 people and its headquarters are in Des Moines, Iowa.

Meredith said the companies have joined forces to offer customers such as Kraft, Gerber and Acura mobile marketing solutions. The Hyperfactory also developed the mobile platforms for the Better Homes and Gardens, Parents and Fitness brands.

According to Nielsen, over 62 million people in the United States are using the mobile internet on a regular basis.

The deal allows Meredith to expand its integrated media unit, which offers custom-marketing services to companies.

"The completion of this deal is further evidence of the ability New Zealand entrepreneurs have to make it on the world stage, in the most competitive and fast-paced industries," said The Hyperfactory chief executive Derek Handley.

"Pivotal to The Hyperfactory's success was our determination to dual headquarter our offices in both New York and Auckland to support our expansion domestically in these countries, and into other international markets," he said.

- NZPA