A digital agency has been acquired by a technology company in a deal worth up to £3.6 million.

The Deeson Group, which is based in Canterbury and London, specialises in high profile content-managed websites and digital products.

It has now been acquired by Panoply Holdings plc - a digital technology services company.

It will see Deeson rebranded as TPX Manifesto over the coming months - bringing it under the umbrella of an existing company within the Panoply group.

The Canterbury offices will continue - and there is expected to be further recruitment over the coming months.

Deeson saw revenues of £2.2m for the year ending September 30, 2018, delivering a net profit after tax of £480,000.

The takeover deal will see Deeson bosses Tim Deeson and Simon Wakeman receive an initial £1.35m with a further £600,000 within three days of completion of the deal.

Further payments will be due based on performance over the coming two years, up to a maximum of £3.6m.

Neal Gandhi, CEO of The Panoply said: "The board and I are delighted to announce our first acquisition since listing earlier this month, and in line with our stated strategy we are very pleased to bring another earnings enhancing, debt free, profitable business into the group.

'We are very pleased to bring another earnings enhancing, debt free, profitable business into the group.'

"The Panoply's acquisition strategy is to focus on the addition of new service capabilities, the hire of new teams and on smaller, complementary acquisitions. The addition of Deeson to the UK cluster is a great example of accomplishing the latter objective. It is great to have achieved this early traction against our strategy, and supports our confidence in the group's ability to grow quickly going forward."

Tim Deeson, founder and CEO of Deeson said: "We are very pleased to be joining The Panoply at such an exciting time for the group.

"Having known Jim Bowes and Manifesto for a long time, over the last 18 months it has been remarkable to see the benefits of their having access to The Panoply. With the status of a listed business and working hand-in-hand with Manifesto, we are confident we will be able to grow our customer base, secure larger deals and effectively grow the team."