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| Subject: | UKNM: @NY EXTRA -- Agency.Com in Merger |
| From: | Steve Bowbrick |
| Date: | Tue, 2 Jun 1998 12:23:08 +0100 |
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Special Report
June 1, 1998
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^ For the second time in @NY's three-year history, breaking Silicon
Alley industry news warrants this, a Monday newsflash about a local deal,
this one between between Agency.Com and a Boston-firm. We give you a full
story and will follow with analysis in @NY's regular Friday issue. -- THE
EDITORS
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^ News Bulletin: Agency.Com in Major Merger
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^ Agency.Com, the Silicon Alley startup that began less than three
years ago over beers after a World Wide Web Artists Consortium meeting has
completed a major merger with a rival, Bostan-based interactive firm. The
deal creates one of the largest players in the rapidly consolidating
interactive services business. For Agency.Com, he union means that in less
than three years the company has moved from a startup of less than a dozen
people in borrowed, windowless office space in the Time-Life building to a
multinational interactive service firm with more than $60 in annual billings.
Agency has merged with Boston-based Interactive Solutions, Inc., one of
that city's largest interactive shops in a deal that brings 375 employees
under one corporate roof with offices in New York, Boston, San Francisco,
Dallas, and London - and with international advertising holding company
Omnicom as a 40-percent partner. The merged company will still be called
Agency.Com.
Chris Butler, president and CEO of Interactive Solutions, will become
chairman of the merged company and Chan Suh, chairman and CEO of
AGENCY.COM, will become CEO. Interactive Solutions' Boston office will
become AGENCY.COM: Boston. Thor Johnson, currently Interactive Solutions
COO, will become president of that office. Agency.Com co-founder Kyle
Shannon will be chief creative officer and Agency.Com CFO Ken Trush will be
chief financial officer of the merged company. No layoffs are anticipated,
said Suh; in fact, the larger company will be seeking staff.
The deal clearly makes the new Agency.Com a top five player in the race to
consolidate the Fortune 1000 interactive services biz, a race that includes
well-funded takeover machines like US Web and iXL.
"When Chris Butler and I began talking we saw immediate synergies and
realized that a merger would bring unique benefits to our respective
clients," said Suh, who co-founded Agency.Com with Shannon in 1995. "The
combination of Agency.Com's creative strength and its ability to manage
significant worldwide interactive relationships together with Interactive
Solutions' expertise in developing business strategies for sophisticated
interactive business, brand orientation and enterprise-scale integration
skills will benefit all of our clients. I'm very optimistic about the
growth potential of the new Agency.Com."
Said Butler, "The interactive age has dawned. Global 1000 companies are
realizing that harnessing interactivity is essential to survival. Merging
with Agency.Com will give Interactive Solutions' industry-leading technical
and creative staff even more opportunity to tap into the possibilities for
growth that the Internet presents. The combined new company will be better
able to serve its customers, both domestically and internationally."
The merged venture has a blue chip list of clients, including American
Express, BMG Interactive, British Airways, BT, General Motors, Glaxo
Wellcome, GTE, Harvard Pilgrim Health Care, Hewlett-Packard, Hitachi
America, Lucent Technologies, MetLife, Nationwide Insurance, Nickelodeon,
Putnam Investments, Prudential, Reuters, Showtime Networks, The Economist
Group, Uncle Ben's, Unilever and Xerox.
More details on the deal and the rapidly consolidating market for
interactive companies in the next issue of @NY.
Talk about the merger and the white-hot market for deals on @NY's
discussion boards: http://www.atnewyork.com/news-bbs/
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^ Find a Job in Silicon Alley:
^ http://www.siliconalleyjobs.com
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^ On the Bookshelves of Silicon Alley's Digerati
^ http://www.atnewyork.com/books.htm
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I N D E X TO @ D V E R T I S E R S
Contact this week's sponsors online:
Arthur Andersen -- robert [dot] s [dot] ripp
arthurandersen [dot] com (mailto:robert [dot] s [dot] ripparthurandersen [dot] com)Flatiron Partners -- http://www.flatironpartners.com
Jupiter Communications -- http://www.jup.com
Michael Kaminer Public Relations -- http://www.mkpr.com
Longbow -- http://www.longbow.com
Microsoft -- http://www.microsoft.com/nynjct/
New York Information Technology Center -- http://www.55broadst.com
New York New Media Association -- http://www.nynma.org
Razorfish -- http://www.razorship.com
Silicon Alley Connections -- http://www.salley.com
T3 Media -- http://www.t3media.com
Weblations -- http://www.weblations.com
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^ Copyright (c) 1998
^ New Paradigm Communications, Inc.
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