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.