Hearst Corp. to Acquire Global Digital Marketing Services Company iCrossing
(PRESS RELEASE) NEW YORK, June 3, 2010, 8:00 a.m. ET – Hearst Corporation and iCrossing today announced an agreement for Hearst to acquire iCrossing, one of the largest independent digital marketing services providers in the world. The announcement was made by Frank A. Bennack, Jr., vice chairman and CEO, Hearst Corporation, and Don Scales, president and CEO, iCrossing. Scales, and all key members of iCrossing management, will continue in their present roles following the transaction’s close. The closing is subject to regulatory review as well as other customary conditions. Financial details were not disclosed, as both companies are private.
The acquisition gives Hearst extensive global digital marketing capabilities, including paid search, search engine optimization, Web development, mobile and social marketing, and data analytics. iCrossing works with leading companies like Bank of America, Toyota, Travelocity and The Coca-Cola Company to help them connect with customers via digital platforms and increase search effectiveness and consumer engagement. iCrossing will continue to work with and grow its own client base while simultaneously collaborating with other Hearst divisions to bring clients and consumers new and innovative solutions.
Commenting on the deal, Bennack said: “Search and online marketing expertise will be an important asset for us as we continue to look for new ways to reach key audiences through digital marketing for our brands and our clients. iCrossing has built a great business and has consistently been recognized as a leader in its field; its strong relationships with top brands and companies are a perfect complement to our own.”
Bennack added, “We plan to effectively bolster iCrossing’s strengths with future investments that add complementary capabilities and services, and expect this new line of business to grow very well for Hearst.”
Global interactive, or digital, marketing spending in 2009 was estimated at $25 billion according to Forrester Research, Inc. iCrossing is consistently ranked by Advertising Age, Forrester and OMMA Magazine as the leader in search marketing services.