Jessica Heygate
May 18, 2022

S4 Capital to merge TheoremOne with MediaMonks

It is S4 Capital’s first deal since it had to reschedule its annual results twice because of “embarrassing and unacceptable” auditing delays.

S4 Capital to merge TheoremOne with MediaMonks

S4 Capital has struck a deal with Los Angeles-based software and technology consulting firm TheoremOne to grow its technology services practice, it announced on Tuesday.

The advertising company will merge TheoremOne with MediaMonks, following the same deal format it has made with more than two dozen businesses since its founding.

TheoremOne builds custom software and revamps legacy systems to help organizations modernize. It works with clients such as American Express, AT&T, Intel, Starbucks and Caterpillar.

Founded in 2007, the company has 370 employees — the majority (70%) of which sit within North America — and generated revenue of $58 million in 2021.

In a press release, S4 Capital said TheoremOne will add one "whopper" account to its portfolio, which it defines as an account that generates more than $20 million in annual revenue. The tech firm will also add over 5% to S4’s 2022 profit.

It is S4 Capital’s first deal since it had to reschedule its annual results twice because of “embarrassing and unacceptable” auditing delays, which has been a major factor in a 55% decline in the share price since the beginning of the year.

The company’s pursuit of rapid growth and “whopper” accounts without sufficient processes in place was cited in The Sunday Times as one of the reasons for the accounting “chaos” at S4 Capital.

Nevertheless, its acquisition drive continues. S4 Capital founder and executive chairman Martin Sorrell said the addition of TheoremOne’s leaders “will no doubt be a great fit for us” as the company builds “a genuinely integrated offer for our clients.”

TheoremOne founder and head of services Will Jessup said: “We are thrilled to embark on the next phase of TheoremOne's growth and development with our partners at MediaMonks and S4 Capital.” 

Brady Brim-DeForest, who has led the business since 2017 as CEO, said TheoremOne “wanted a partner that could serve both as an accelerant for our growth and that was passionate about helping us disrupt the technology consulting ecosystem.” 

“The entrepreneurial, growth-focused culture at S4 Capital is one where I'm confident our team will feel right at home,” Brim-DeForest added.

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