Brave Bison in talks to buy System1

The proposed transaction would see Brave Bison acquire the 72 per cent of System1 shares it does not already own

Brave Bison has confirmed it is in discussions with System1 Group over a possible combination that would create a larger marketing data and technology business listed on AIM.

The proposed deal remains at an early stage, with no certainty that a formal offer will be made.

The proposed transaction would see Brave Bison acquire the 72 per cent of System1 shares it does not already own. Brave Bison said the combined business would generate pro forma net revenues of more than £79 million and adjusted EBITDA of approximately £14 million, before any cost savings from integration.

Boards support strategic rationale

Brave Bison said the System1 board has engaged constructively since its initial approach, providing access to due diligence information and the company's leadership team, led by Chief Executive Officer James Gregory.

According to Brave Bison, both boards believe a combination has a strong industrial rationale. The enlarged business would combine marketing effectiveness technology, marketing training and agency services, with the aim of helping brands connect marketing insight, execution and measurement through a single platform.

Offer includes cash and shares

Under the proposed terms, System1 shareholders would receive 68 pence in cash and 2.7553 new Brave Bison shares for each System1 share. Based on Brave Bison's 20-day volume-weighted average share price to 10 July 2026, the proposal values each System1 share at approximately 327 pence.

Brave Bison said the transaction would be funded through a credit facility, with no equity fundraising required. If completed, System1 shareholders would own around 19 per cent of the enlarged group.

Combination would expand scale

Brave Bison said the combined company would serve more than 700 customers across the UK, Europe and the US, with approximately 58 per cent of net revenue generated from platform-based products and services.

The company said the increased scale would support investment in product development, talent acquisition and AI-enabled marketing technology, while creating a business with greater financial resources to compete in the evolving marketing technology sector.

The proposed combination would also bring together three operating divisions covering marketing effectiveness, marketing capability and marketing delivery. James Gregory would lead the marketing effectiveness division if the transaction proceeds.

Ninth acquisition under current leadership

If completed, the acquisition would represent Brave Bison's ninth acquisition since brothers Oliver Green and Theo Green assumed leadership of the business. The company completed five acquisitions during 2025, including Engage Digital Partners, BuiltVisible, The Fifth, MiniMBA and MTM.

Brave Bison said it has an established track record of integrating acquired businesses and recently reported that MiniMBA achieved organic growth of more than 20 per cent between its 2025 and 2026 cohorts.

Under the UK Takeover Code, Brave Bison must announce either a firm intention to make an offer for System1 or confirm that it does not intend to proceed by 7 August 2026, unless that deadline is extended.

www.bravebison.com

www.system1group.com

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