London Cyber-Shop Goes Shopping in US and Asia

25 January 2001

AKQA, a high profile UK independent new media agency, is set to embark on a round of acquisitions that will see it establishing a global presence, according to Ajaz Ahmed, the company's PR-savvy founder and managing director.

Funding to the tune of £48 million ($71m) has been pumped into AKQA by venture capitalist Francisco Partners LP and Accenture – formerly known as Andersen Consulting.

The initial targets are San Francisco agency Citron Haligman Bedecarre, which claims billings of $300 million, and US web shop Magnet Interactive. Singapore new media agency The AdInc, is also on Ahmed’s shopping list.

In best imperial mode, Ahmed has decreed that he will henceforth be styled global chairman and chief marketing officer. He also claims that all the target shops will rebrand as AKQA, although this appears to be a tad premature. A Citron spoke insisted yesterday: "The deal is not final and as a result the name is not final."

News sources: Advertising Age - Interactive Daily; CampaignLive (UK)