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Subject: UKNM: razorfish buys chbi
From: Richard Houston
Date: Tue, 19 May 1998 15:52:20 +0100

Official statement from Revolution's Wall, posted by Gordon MacMillan:

CHBI RAZORFISH ANNOUNCES GLOBAL PARTNERSHIP

Leading UK new media company, CHBI, announces a
new partnership with renowned cutting-edge US
equivalent, Razorfish Inc., in a deal which aims to create a
single international brand to lead the global growth of
integrated new media solutions. New York based
Razorfish Inc. is acquiring 100% of CHBI from June 1st
1998. The new UK company will be called 'CHBI
Razorfish'.

Razorfish Inc., founded in 1995 by Craig Kanarick and
Jeffrey Dachis, is a strategic digital communications
company known for its award-winning design, original
content and mission-critical digital solutions. It has offices
in New York and San Francisco, employs 140 staff and is
regarded as a leading developer of interactive solutions in
the US. Its turnover for this year is $20m. A minority of
Razorfish Inc. is owned by Communicade, a division of
Omnicom Inc.

CHBI was formed three years ago in 1995 by co-founders
Mark Curtis and Mike Beeston. Currently employing a
staff of 28 it has a projected turnover this year of 2m and
a strong client base including, RAC, Virgin, Telewest,
Beefeater Gin, Carlsberg, Office of Fair Trading and
Goldfish.

Evolving organically, CHBI directors recognised the need
for a partner and investor over a year ago and have held
discussions with a variety of suitors ever since. Mike
Beeston, Managing Director at CHBI comments: "We
were determined to keep developing our own brand and
culture, to wait for our perfect match and not jump into
bed with just anyone - Razorfish is the ideal cultural and
professional fit for CHBI and means together we will
undoubtedly become the most innovative new media force
in the world. This union gives us the opportunity to grow
and learn from a larger and diverse talent-pool, and the
financial stability to ensure that we are poised to take full
advantage of the massive opportunities new media offers."

Mark Curtis, Strategic Solutions Director of CHBI, said
"The fact that Razorfish work has uniquely been selected

to appear in the San Francisco Museum of Modern Art is
just one example of why we are so pleased with this deal.
They have a client list that features pre-eminent
companies from the world of financial services, media and
telecoms. The combination of accomplishments that both
sides bring to the mix will create a powerful new entity."

Jeffrey Dachis, President and Chief Executive Officer of
Razorfish Inc. said "Like Razorfish in the US, CHBI has
created a strong identity and robust reputation as a top
new media strategy company in the UK - we are equals in
our own markets - our values, vision and ambitions are
strongly in line with each other. We are more than
pleased that we are combining the extremely talented
individuals from both companies into one single operating
unit."

"CHBi has consistently achieved good levels of profit, has
marketed itself rigorously, and has continuously retained
both its clients and its staff in a notoriously fickle industry.
Sound management is critical in this emerging business
market and as we've seen recently in the UK, very few
companies possess all the component skills to achieve
the required balance for growth. CHBI meets the essential
criteria and like Razorfish has the foresight to drive the
industry forwards. There is a clear synergy which can offer
our US companies a wide variety of new learning and vice
versa."

Richard Houston
Consultant
Webmedia Group Ltd

T: +44 (0)171 494 3177
F: +44 (0)171 434 1304
E: richardatwebmedia [dot] com



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