Icon Medialab Gains Insight
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As part of the deal, Insight will receive just under 2.1 million Icon Medialab shares, with the potential to earn an additional 300,000 shares based on specific performance targets within the next 12 months.
The acquisition aims to enhance Europe-based Icon Medialab's technical capabilities in the U.S. to achieve the company's goal of creating and implementing a next- generation integrated e-business development process based on the rational unified process.
Insight provides Web development processes and advanced component technologies, acting as a technology and development partner to major corporations in various industries, including Coca-Cola, Liberty Mutual, Monsanto, NCR, Southwestern Bell Corp., SuperValu and TRW.
"Icon Medialab is committed to both organic growth and growth through strategic acquisition," said Ulf Dahlsten, president and chief executive officer, Icon Medialab. "Insight strengthens our growth platform in the U.S. and significantly enhances our ability to deliver integrated e-consulting services on a truly global basis.
"Insight's commitment to developing innovative technology-based e-business strategies and pioneering affordable component-based architectures echoes Icon Medialab's vision to foster thoughtful innovation in Internet services," he said.