Razorfish Sold to SBI for $8.2 MillionInternet professional services firm SBI and Co. said Friday that it will acquire interactive services shop Razorfish Inc. for $8.2 million.
The deal, approved by both companies' boards of directors, is expected to close in the first quarter, pending shareholder approval. About 200 Razorfish employees will join SBI's 700-members staff. Razorfish has offices in New York, Boston, San Francisco, Silicon Valley and Los Angeles.
SBI said the deal will allow it to expand into more U.S. cities as well as grow its customer list.
"Razorfish's people, customer relationships, and service offerings are an excellent fit with SBI's business and solidifies our position as an industry leading professional services firm," said SBI president/CEO Ned Stringham.
Once considered a leading Web design firm, Razorfish at one time had a $2 billion market cap and 1,800 employees.