Although it’s become known as a company that can do some pretty incredible things, such as immersing visitors to the Wizarding World of Harry Potter in that land of make-believe, Orlando, Fla.-based Technomedia Solutions owner John Miceli knew it could do better.
The problem, as is usually the case, was financial.
It’s not that Technomedia was struggling to pay its bills, but it didn’t have the capital or manpower to take on some of the really big projects Miceli knew it could handle if given the chance.
That’s why he’d been “weighing our options” for the last year or so “on the ways to get Technomedia to that next level.” Enter Mood Media Corp. [http://www.moodmedia.com/ ] of Toronto, which had been looking for an A/V integration arm and was familiar with Technomedia’s work from projects on which they’d collaborated in the past.
Miceli and Mood Media CEO Lorne Abony started talking in earnest late in 2012 and about six weeks later, on Christmas Eve morning, Mood Media acquired the assets of Technomedia Solutions and its sister company, GoConvergence, for about $23 million.
“We’ve been very focused ever since. We’ll probably celebrate at some point,” says Miceli with a laugh.
Mood Media may also make another payment to Technomedia in 2014, depending on the growth of its new assets.
“We realized we shared a lot of the same visions for growth and expansion and we could help each other get where we wanted to be,” says Miceli. “Mood is great, solid company, financially sound, all that. What we bring to them is an added level of capabilities they can offer their clients. We bring them an incredible opportunity to provide a more complete group of services.”
Technomedia’s work is primarily in the theme park, restaurant and retail markets, although it dabbles in several others too. Among its customers are Abercrombie & Fitch, the Hard Rock Cafe chain and Cirque du Soleil. Mood Media focuses largely on creating an in-store experience for retail shoppers, through audio, visual and scent stimuli.
There are no plans for Technomedia to change its name, says Miceli, noting its “reputation” precludes that sort of change at this point. Staffers reached out to key clients after the deal to assure them the move was made as a way to grow the business and help them, he says.
“It’s all about growth and development and trying to do more for the clients we have as well as bringing in new ones,” says Miceli. “We’re looking at it as business as usual plus. It gives us an open opportunity to do more for our clients. It wasn’t going to be easy for us to organically expand.”