Icon Medialab Buys Spanish Consultancy
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Global Internet consultancy Icon Medialab International AB Monday bought Spain's Nexus Information Technology S.A., in a move to solidify the firm's European presence amidst heightened competition.
The purchase will be made through the issue of 1.5 million shares of Icon Medialab stock. The stock closed down Monday on Sweden's stock exchange, an if it makes the offer at today's closing share price of SEK173 ($20), the deal would be worth $30 million.
Icon Medialab said that the buy will "deepen [its] strategic technology capabilities." The consultancy already has operations in Madrid and Barcelona, but the purchase of the profit-taking Spanish firm will add a staff of 142. Its managing director, Maria Jose Carus, will now run Icon Medialab Madrid as Icon Medialab Spain and Nexus are combined.
Icon Medialab has a presence in 13 countries across Europe, the U.S., and Asia. Nexus clients include insurance company Ocaso, recruiting firm Canal CV.com, Telia, and the government of Spain.
Competition for supremacy in the European Internet consultancy has hit new waves of rivalry, with each company targeting local, regional and global services.
Late last month, Germany media firm PixelPark Wednesday jumped into the race to form Europe's largest Internet consultingfirm with the purchase of soon-to-merge Cell Network/Mandator for 2.4 billion euros ($2.3 billion). The new company will have a presence in Germany, Scandinavia, central Europe, the U.K., Spain, Italy, eastern Europe, and the U.S., as well as in Asia through offices in Malaysia and Singapore.
Information Highway/Connecta, which is also undergoing a merger, is also expanding its base in Europe through acquisitions. Sweden's Framfab is also scrapping for its share of the consultancy market, with the standard shopping foray into the U.S. and local European markets.