- Cordiant is bolstering its e-business expertise with the acquisition of MicroArts Corporation, the US e-business consultancy.
The takeover is in line with Cordiant's aim of building its business in high-growth marketing sectors, increasing its presence in North America and strengthening its expertise in digital media.
Based in New Hampshire, MicrArts specialises in technology and online brands. It integrates marketing strategy, brand development and website design with marketing campaigns which use both interactive and digital media.
It has launched more than 200 digital brands for clients including Xerox and Hasbro Interactive.
The initial $47.4 million cost of the purchase will be financed through the issue of new Cordiant shares. A maximum total consideration of $88.1 million may be payable in new Cordiant shares depending on MicroArts financial performance to December 2003.
Michael Bungey, Cordiant's chief executive, said: "The acquisition of MicroArts is an exciting opportunity which strengthen's our interactive capabilities. Developing new and existing brands on-line will be an essential part of every company's future strategy."