Icon Continues Local Buying Spree
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[Sydney, AUSTRALIA] Singapore-based e-business and Internet professional services provider Icon Medialab Asia has continued its expansion into the Australian market by acquiring Sydney multimedia and e-business solutions provider Vitascope.
The acquisition, which is the latest step in Icon's push into Australia, follows the company's takeover of Melbourne-based e-business solutions provider Fluid Digital three months ago. The companies have declined to release financial details of this latest acquisition. As part of its new purchase and its Australian growth strategy, Icon plans to "rapidly expand staff numbers in Australia, with the focus being on attracting the highest quality technical, creative and strategic people," said Icon Medialab Australian chief executive officer Mark Forsyth.
Icon expects its staff numbers in Australia to grow to 160 by the end of the year. This figure includes Vitascope's 40 staff that will be merged with Icon's Business Development unit, and the 50-strong team Icon already has in Melbourne.
The premise of focusing on building staff levels, said Forsyth, was that with a strengthened team Icon could target large Australian clients with a complete range of e-business solutions. "The acquisition also means we can service thet accounts of multinational companies in Australia which are already working with Icon Medialab in other countries," said Forsyth.
While the 12-year-old Vitascope already has a client base characterized by large companies such as Compaq, HSBC, Toyota and Woolworths, executive director Peter Malycon said that link with Icon would provide the company with the forum to expand into the global market. "There are extensive opportunities for expansion in Australia," said Malycon. "As well as generating new avenues of business in this country, the link with Icon delivers the benefits of the economies of scale and the pooling of resources and operations."
Vitascope's 40 staff will be merged with Icon's Business Development unit, adding to the 50-strong team Icon already has in Melbourne.