Razorfish buys Amnesia
Avenue A / Razorfish, the largest interactive marketing services firm in the U.S. and an operating unit of aQuantive, Inc. (NASDAQ:AQNT - News), today announced the acquisition of Amnesia, a full-service, digital agency based in Australia.
The total purchase price, payable in cash, will be determined by an earnout arrangement based on profit contributions from Amnesia over the next three years and Amnesia's net asset value on July 24, 2006. A cash payment of $5 million (AU), or $3.7 million (US) was paid as upfront consideration on the earnout.
We're a little late on this one but congrats to the Amnesia team.
It'll be interesting to see how this changes the industry here in Australia as Amnesia have always flown under the radar and now with the big guys in the US to support them they should be able to move into a dominant position.