(PR NEWSWIRE) DJ: THINK New Acquisition Adds Talent, Competency and Geogra
DJ: THINK New Acquisition Adds Talent, Competency and Geography
NEW YORK--(BUSINESS WIRE)--April 6, 1998--
THINK New Ideas Acquires Largest Independently-Owned
Integrated Marketing Firm in Washington State; Will
Add $55 Million in Billings, New Clients and Strong
Presence in the Pacific Northwest
THINK New Ideas, Inc. (NASDAQ NMS:THNK) today announced that the company has
acquired Herring/Newman, Inc., one of Seattle's largest full-service
integrated marketing and communications firms and the largest
independently-owned agency in the State of Washington with $55 million in
annual billings in 1997. Herring/Newman's clients include Hewlett Packard,
Westin Hotels & Resorts, AoFem Medical, The Seattle Times and The Seattle
Opera, among others.
"The addition of Herring/Newman allows us to be highly competitive in an
important and growing Seattle-based international market, while further
strengthening our international global, blue-chip client list," said Scott
Mednick, Chairman and CEO of THINK. "We believe this makes an important
statement for THINK, further establishing our position as the marketing and
communications company for the information age."
Herring/Newman will now be known as THINK Seattle, will provide a Pacific
Northwest base and will immediately begin representing the full range of
THINK marketing and communications competencies. All of Herring/Newman's
current clients and all 60 current employees will be retained as THINK
Seattle becomes part of the global THINK operating structure. Current
management will remain in place on a regional level and join THINK's team on
an international scope.
"Many companies tried to acquire us over the years, but we never considered
the offers because we believe that our vision would have perished," said
Bill Toliver, CEO of Herring/Newman. "When THINK approached us, we realized
that management sees the world the same way we do. It was an easy decision.
It's a great, innovative company."
Herring/Newman contributes several elements that THINK feels are critical in
an acquisition: profitability, a broad base of talent, geography, quality
management, interactive and relationship management skills, access to new
clients, and an almost ideal mix of culture and focus, commented Ron Bloom,
President and COO of THINK. "The acquisition of Herring Newman dramatically
increases our presence in the Pacific Northwest and exemplifies our
acquisition efforts on both a strategic and tactical level."
In keeping with THINK's philosophy of working not as a holding company but
as an operational entity, Herring/Newman will immediately begin re-branding
itself as THINK Seattle. Top executives Bill Toliver, Alan Brown, and Dan
Gross will remain at the helm of THINK Seattle, with Toliver becoming
general manager, Brown serving as director of strategic planning and
business development, and Gross as creative director. Phil Herring,
president, will join THINK's corporate marketing team. The purchase price
for the acquisition was $3 million with an aggregate of $400,000 in cash and
the balance of which was in shares of the company's common stock.
THINK New Ideas, Inc., The Marketing and Communications Company for the
Information Age, with offices in Los Angeles, New York, Atlanta, Boston and
Seattle, provides marketing, technology and interactive business solutions
to Fortune 500 and other high-profile clients. THINK is also positioned as
one of the leading Internet and Intranet systems developers and interactive
communications solutions providers in the emerging new technology and
digital communications arena. The company's integrated solutions include
the development of several proprietary Internet, Intranet tools and
applications including WebMechanic, E-corp, ASAP, and X-Tracker, each
providing specific solutions to business problems commonly faced by large
corporations.
CONTACT: Dick Altman
Jacobson-Altman Public Relations
212-697-2620
dickaltman@altmanpr.com
or
Brian Czarny
THINK New Ideas, Inc.
212-216-0146
brian.czarny@thinkinc.com
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