Chime Communications has agreed to acquire financial services specialist, Teamspirit, for £5 million.
Initially £2.8 million will be paid in cash and £200,000, by the issue of new ordinary shares in Chime. A deferred payment of up to £2 million will be paid dependent on Teamspirit's performance up to April 30 2003.
In the year to April 30 Teamspirit made a pre tax profit of £800,000 on a turnover of £3.1 million.
Teamspirit will become part of Bell Pottinger Communications, which is headed by chief executive Chris Satterthwaite and includes HHCL & Partners.