The move follows the firm's recent acquisition of Manchester-based digital agency CTI Digital. Despark, which is based and will continue to operate in Sofia, specialises in app production and support for online e-commerce businesses.

Paperhat Group’s chief executive officer Tim Peppiatt said: ‘We are delighted to announce a second acquisition so early in 2015 and Despark expands both Paperhat Group’s global footprint and service provision.

“It is testament to the group’s vision and ambition that dynamic, exciting businesses, such as Despark, are aligning with us. We choose to work with teams which share in our belief of offering expertise across a range of in-group services which, in turn, gives clients improved marketing efficiencies.

“Furthermore it is not just our services that continue to expand but our team as well, with 126 new personnel added during the current two acquisitions.”

Despark chief executive Adel Zakout added: “What made this move make sense for Despark is the structure and increased commercial opportunities provided by Paperhat Group."

Paperhat Group’s other recent acquisitions have included Grebot Donnelly Associates last year, FTP Digital and Reputation by Design in 2012, Consorcio Group in 2011, and Pressing Matters in 2005.

Meanwhile, the firm’s current business development director, Tom O’Donnell, has been promoted and will serve as managing director of a new global print management subsidiary of the group with immediate effect. O’Donnell will continue to serve on the Paperhat Group main board.