Think Partnership Expands With London Buy
Think Partnership purchased all of the outstanding capital stock of Web Diversity from CEO Jim Banks for $1 million in cash plus 500,000 unregistered shares of the company's common stock.
Think Partnership, which owns PrimaryAds, MarketSmart Interactive and several other marketing firms, already has a presence in the U.K. with MarketSmart Interactive but will expand to Asia for the first time, funding $500,000 for Web Diversity to open an office in Hong Kong in June.
"Asia is rapidly expanding. In China, for example, of its 1.5 billion residents, about 200 million are accessing the Internet. It presents a tremendous opportunity," said Xavier Hermosillo, senior vice president of corporate communications and investor relations for Think Partnership.
Think Partnership may expand further in the United States and overseas with acquisitions this year. "We strive to become the premium interactive agency around and grow our business to that end," Mr. Hermosillo said.
Meanwhile, Mr. Banks and Simon Worsfold-Gregg will continue to manage Web Diversity, which handles Internet marketing, paid search and natural search for numerous U.K. clients, including Hotel Connect and Isabella Oliver.