RealTime IT News

Razorfish Makes $20 Million Acquisition in Sweden

Web services firm Razorfish on Monday boosted its presence in Europe with the acquisition of Qb International Holding AB, a Swedish IT consulting company, in a transaction valued at $20.1 million.

Financial terms of the acquisition weren't disclosed.

The deal gives Razorfish another 40 employees in the fast-growing European market, where the company already has more than half its employees.

Back in August of 1998, Razorfish acquired Spray Network, a Stockholm-based agency with offices across Northern Europe. That deal gave it a foothold in the region, and the latest acquisition adds to its arsenal of employees.

"We see aggressive growth in the European marketplace and we're preparing for this expansion with today's acquisition," says Jeff Dachis, chief executive officer and president of Razorfish.

The purchase also adds to Razorfish's knowledge base, since Qb International Holding is said to have experience building projects involving networked devices in the home.

Qb International's client list includes RSV (The National Tax Board), SPP (a fund manager), Skandia, Vattenfall and Ericsson.