RealTime IT News

TMP Worldwide to Acquire Stackig Advertising

TMP Worldwide, a provider of traditional and online career solutions and a yellow page advertising agency, said it has agreed to acquire Stackig Advertising and Public Relations, in a pooling transaction for approximately 485,000 TMP Worldwide shares. TMP closed yesterday at $29 11/16, which would value the deal at more than $14 million.

Stackig, a high-tech communications agency with business interests in recruitment advertising, marketing communications, public relations, and Internet communications, reported commissions and fees of approximately $11 million last year.

Headquartered in McLean, VA, Stackig's clients include ITT Defense & Electronics, Supercomm, UNISYS, Westell and Eastman Kodak Commercial and Government Systems.

Said Andrew J. McKelvey, chairman and CEO of New York City-based TMP Worldwide: "The acquisition of Stackig Advertising and Public Relations, with their long history and expertise in the areas of recruitment and business to business advertising, represents a strategic fit for us and will be a solid addition to TMP's growing global infrastructure."

Stackig, founded by S.G. (Jay) Stackig in 1960, was acquired by the current leadership team, all long-time Stackig employees, in 1986. Stackig's president, Laurence Rosenfeld, and its chief operating officer, Deborah League, will continue to lead the firm. Chairman and CEO David Pogue will also remain with the organization to assist with the transition, acquisition integration and corporate development.

TMP Worldwide Internet offerings include The Monster Board, Online Career Center, MedSearch and Be the Boss, a provider of information on franchise opportunities.