RealTime IT News

THINK New Ideas Acquires Envision Group

New York City-based THINK New Ideas Inc. has acquired Envision Group, a full-service Internet marketing and consulting firm headquartered in Torrance, CA.

The purchase price for the acquisition includes an initial payment of $3.5 million in THINK common stock and a potential earn-out, based on performance, of an additional $5.5 million.

"This acquisition exemplifies THINK's five key ingredients for a strategic acquisition -- growth, profitability, clients, talent and culture," said Ron Bloom, chief executive officer of THINK. "We look forward to utilizing Envision's proven expertise in interactive marketing, e-business development and technology across our entire network."

Envision Group clients include US WEST, Sony, Isuzu, Kinko's and Mazda.

"Envision has been pursued by a number of industry leaders, and we have been focused on finding the right fit," said Jim Hartley, senior partner at Envision Group. "We believe THINK is that fit, offering us the level of expertise, leadership and access that will enable us to excel."

THINK, with offices in Atlanta, Boston, London, Los Angeles, New York, San Francisco, and Seattle, provides a broad range of information technology and interactive business solutions. Clients include BankBoston, BellSouth, Coca- Cola, Coral Energy, Gillette, IBM, Network Associates, Nortel Networks, Procter & Gamble, Time Inc. New Media, and Turner Broadcasting.