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Deal values Spannerworks at £40 million
The move by US firm iCrossing to purchase UK search engine marketing firm Spannerworks values the latter at around £40 million, according to the Sunday Times.Under the new deal, Spannerworks founder Arjo Ghosh will remain as chief executive and report to iCrossing's president, Don Scales.
Spannerworks thus joins the likes of Bigmouthmedia and others that are capitalising on the burgeoning search marketing sector.
iCrossing's chief executive, Jeffrey Herzog said that he expects iCrossing to take its "rightful place" on the Nasdaq technology market, perhaps as soon as next year.
Spannerworks recorded sales of £4.5 million last year. The Brighton-based firm, which was founded ten years ago and has grown exponentially since then, has also done work for Kiddicare, Best Western Hotels and Confused.com. One special feature offered by the firm is a "social media audit", which lets companies know how their brands are being perceived by others.
For iCrossing, Spannerworks will give the American firm its first office outside the United States. It already has offices in Atlanta, Chicago, New York, Dallas, San Francisco and Scottsdale, Arizona.
SEO News posted on 16 February 2007
