IllusionFusion! Launches Major Interactive Effort
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IllusionFusion! said that it adopted a new, integrated corporate strategy to capitalize on what it sees as the forthcoming boom in broadband communications services.
The company said it established IllusionFusion! as its "umbrella" brand, absorbed its Media Circus Interactive unit into IllusionFusion! and effectively made all of its business units interactive-centric.
The company also announced a $5 million investment from Tudor Private Equity Group, named a new director and opened a state-of-the-art, digital sound studio called Sound Lounge in New York.
As a result of its new structure, IllusionFusion! (IF!) said it is positioned to become one of the leading interactive strategy companies in a market that is projected to reach $15 billion by 2003, and one of the only companies organized to create broadband content. Its solutions will enable its clients to increase their brand awareness, generate additional revenue and save money by offering an array of services through the marriage of its strategic interactive services with its digital studios, the firm stated.
"We've integrated our many technological and strategic capabilities to provide full-service solutions that help future-proof our clients as they migrate from narrowband to a rich- media broadband," said Peter Corbett, CEO of IllusionFusion.
IllusionFusion! also said it has closed a round of financing from Tudor Private Equity Group, the private investment arm of Greenwich, CT-based Tudor Investment Corp. The $5 million investment secured by the company will be used for working capital as well as continued investment in technology.
Named to the board of directors was technology industry leader Craig D. Goldman, currently president and CEO of Cyber Consulting Services Corp., and formerly CIO of Chase Manhattan Bank.
IllusionFusion!'s clients include American Express, Coca-Cola, Conde Nast, Converse, Gateway 2000, Intel, John Deere, Microsoft, MTV, Perry Ellis, Scholastic, Simon & Schuster, Sony and Wunderman Cato Johnson.