LONDON (ShareCast) - Marketing and consulting business Jaywing has bought Epiphany Solutions for an initial cash consideration of 11m pounds.

Jaywing is buying 100% of the UK marketing agency’s share capital, which includes a further deferred payment of £1m and an earn out consideration of up to £6m to be paid in two instalments over two years.

The acquisition will be funded by the company's existing cash resources and bank debt.

Epiphany reported a pre-tax profit of £1.43m and gross assets of £2.34m for the year to the end of January 2013.

Founder and Managing Partner Martin Boddy said: "This acquisition is a big statement of our intent to re-invent the business. By focusing on digital opportunities to marry data science with brand, acquisition and customer marketing, we will achieve superior results for our clients and better experiences for their customers.

“Not only is Epiphany a well-run business with good revenue visibility, it is also a great cultural and geographic fit. Most importantly, it provides our unrivalled team of over 50 data scientists with access to the digital data which will fuel our innovation."

Shares jumped 11.76% to 28.50p at 09:52 on Tuesday.

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