The new owner of Calgary-based Parallel Strategies says he anticipates fresh opportunities for the marketing and communications company now that it’s out from under the wing of Axia Netmedia Corp.
Larry Bannerman, president of Trigger Communications and Design Ltd., which recently acquired Parallel from Axia, also says investing in an independent advertising company made sense in the entrepreneurial Calgary market.
“The advertising business is somewhat unusual – it requires certain understanding of the business and what the issues are to be able to fulfil a client’s needs,” Bannerman said in an interview.
“Under the previous ownership, where their core competency was not advertising and marketing communications, I’m not convinced they really were able to put the energy and resources against the development of this business in particular.”
Parallel president Mario Amantea said he’s excited about having an owner who shares the company’s passion for marketing and communications.
“For this company to continue to thrive and grow, we felt it was important that our ownership understand the operational aspects required to satisfy client needs and build the business,” he said.
Financial arrangements of the Parallel deal were not disclosed. Parallel has about 50 employees, and while Amantea said he is considering increasing numbers, Bannerman would not confirm any expansion plans.
“I really don’t want to divulge that to my competitors,” Bannerman said.
Parallel’s clients include Shaw Communications, Canadian Pacific Railway, Nexen and the Calgary Zoo. The firm, one of Calgary’s largest integrated communications providers, offers services in marketing, brand development, advertising, design, public relations and digital and Internet strategies.
Bannerman, a veteran advertising and marketing executive with 20 years of experience in the Canadian industry, said Trigger was set up for the Parallel acquisition and backed by private financing. “At this point in time, we’re not sure how we’re going to be moving forward . . . in terms of whether we take the corporate name and use it as the operating name,” he added.
For the time being, it will be business as usual, he said, with any changes not visible to clients. “But, internally, I think there will be enhancements made to procedures, protocols and processes, just to help streamline the business.”
Murray Wallace, president of Axia, said Parallel’s operations required experienced industry management who consider it a core part of their business.
“With our emphasis on IP interactive networks and media, we no longer saw Parallel as being strategic to Axia’s future,” Wallace said.
Axia has been getting its fiscal house in order by focusing on its businesses with long-term potential while shedding non-core assets. Third-quarter revenue announced in May was $28.6 million, compared to $39.5 million for the same period last year, a drop of 28 per cent.
