SEATTLE - March 6, 2007 - Avenue A | Razorfish, one of the largest interactive services firms in the world and an operating unit of aQuantive, Inc. (NASDAQ: AQNT) today announced the acquisition of Duke, an independent interactive agency based in Paris. Duke will retain its brand identity and existing leadership team and will operate as a subsidiary of Avenue A | Razorfish. Duke joins Avenue A | Razorfish's growing international digital marketing family, which includes offices across the U.S., and in Australia, Hong Kong, China, Germany, Japan and the United Kingdom.
Founded in 1999, Duke helps clients position, define and implement their brands online through an integrated use of strategy, marketing, design and technology. The agency's innovative client work was recently honored with three Cyber Cristal awards at the distinguished Me?ribel Advertising Festival, a Cyber Lion at the International Cannes Festival for the Sony (PSP) PlayStation launch and Best Interactive Agency of the last 20 years for CB News Magazine. Clients include Nissan, McDonald's, Nike and Procter and Gamble, among others.
Duke co-founder and co-president, Christine Santarelli commented, "Our shared vision of creativity tailored to the specific needs of clients is at the heart of this opportunity. We look forward to working together with the Avenue A | Razorfish team to grow and develop new skills, and help clients define their online marketing goals and realize measurable success."
"Duke's remarkable host of digital marketing solutions for Web site creation and development is in harmony with their clients' brands," said Clark Kokich, worldwide president, Avenue A | Razorfish. "As showcased by their impressive work and industry honors, Duke demonstrates a keen ability to anticipate consumer behavior online. Teaming with this talented group provides our growing international organization a means to serve multinational clients' needs in France and beyond."
Under the leadership of Christine Santarelli and Matthieu de Lesseux, co-founders and co-presidents, the company is profitable and expects net revenue of approximately $12 - $14 million (US) for the remainder of 2007. Duke has 130 employees, and is a member of AACC Interactive, EBG and IAB advertising associations.
The total purchase price, payable in cash, will be determined by an earnout arrangement based on profit contributions from Duke over the next three years and Duke's net asset value on March 6, 2007. A cash payment of $6 million was paid as upfront consideration on the earnout.
aQuantive expects this acquisition to be accretive on both a GAAP earnings and EBITDA basis.
About Duke
Established in 1999, Duke is an independent interactive agency based in France and the United Kingdom. Their online marketing strategy is to enhance and position brands online, helping clients such as McDonald's, Nike, PlayStation, Procter and Gamble and Nissan define and implement digital strategies. Duke is the largest independent interactive agency in France and offers a full range of digital services including strategy, creative design, IT, search engine marketing and hosting.
Please visit http://www.duke-interactive.com for more information.
About Avenue A/Razorfish
Avenue A | Razorfish (www.avenuea-razorfish.com) is the largest interactive marketing and technology services firm in the world. The company helps industry leaders such as Kraft, Dell, The New York Times and Starwood Hotels use digital channels to acquire and service customers. Avenue A | Razorfish's full suite of digital offerings includes online advertising, Web site design and development, email and search engine marketing, emerging media strategies, and enterprise portal development. Its award-winning client teams have a great understanding of customer needs and provide solutions through distinct business disciplines, which include: analytics, strategy, technology, media, creative design and user experience. An operating unit of Seattle-based aQuantive, Inc. (NASDAQ: AQNT), Avenue A | Razorfish has offices in markets across the United States, and global operations in Australia, China, Germany, Japan and the United Kingdom.