Omnicom to Set up E-Services Venture

03 April 2001

New York-headquartered Omnicom Group has announced plans to set up an e-services holding company in a joint venture with little known Pegasus Partners II, thought to be a venture capital firm.

Omnicom revealed that it will contribute to the project “several of its existing investment positions in e-services consulting companies held by its Communicade unit”. These holdings include minority stakes in Razorfish, and Organic.

The duo said that their move was designed “to maximise consolidation and other strategic opportunities among companies in the currently depressed e-services consulting and professional services marketplace.”

News source: Advertising Age - Interactive Daily