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Monks and Hoorah's new partnership promises AI-led growth in Africa
Full-service digital marketing agency Hoorah announced today that global advertising and marketing services company Monks has acquired a 25% stake in the business, marking a strategic move to expand its presence on the African continent.
Shaune Jordaan, group CEO and founder of Hoorah. Source: Supplied.
Full-suite
Monks, previously known as Media.Monks, the operating brand of UK-listed S4 Capital is a global digital marketing agency that specialises in creating innovative and personalised brand experiences. With a focus on Al-driven solutions, Monks offers a wide range of services, including creative production, content marketing, social media marketing, and data analytics.
According to a Forrester study, more than 62% of B2B marketers are already using Al-powered marketing tools in their businesses, and this is expected to increase to 75% by the end of 2024.
As part of this investment, Hoorah now has access to the full suite of Monks' best-in-class, Al-first marketing and advertising services. By unlocking cost efficiency and building content and marketing experiences at a significant scale, Hoorah helps businesses in Africa become Al-first brands.
Retaining clients
Shaune Jordaan, group CEO and founder of Hoorah, says that Al has transformed how marketers work over the past decade, especially in Africa where businesses are starting to use marketing Al tools to engage, convert and retain customers.
"At Hoorah, we embrace new ways of partnership and doing business," he adds "We are here to disrupt the advertising landscape as we know it by creating innovative and personalized brand experiences at scale. This is the same approach that Monks has taken, making this a natural partnership.
“Further, S4 and Monks understand the importance of having the right Black Economic Empowerment (BEE) equity partner in South Africa, which is critical for our clients, for our teams and for access to scale new business opportunities.”
Clyde Mallon, Hoorah COO adds “We are very excited about this partnership. With access to Monks’ global capabilities we are better positioned than ever to disrupt the agency landscape with new operating models and AI-enabled ways of working.”
Jordaan believes that the investment will enable Hoorah to compete against larger players and accelerate its Al expansion plans on the African continent.
Both Jordaan and Mallon continue as shareholders in the business, maintaining their leadership roles, and are committed to this new chapter of success and growth.
The transaction was handled by Hoorah's outgoing board members Adam Fine and Eran Brill, who believe Monks is well-positioned to take the business to the next level.
