Modem Media Spends $64 Million for E-Commerce Firm Modem Media Spends $64 Million for E-Commerce Firm Paul Jones
Modem Media.Poppe Tyson Monday acquired e-commerce developer vivid studios for $64 million in cash and stock as part of a strategy to increase its business services.
Modem Media (MMPT), which began as a marketing firm, has been expanding its business services recently. Monday's acquisition of privately-held vivid is expected to close in January. Vivid will be integrated into Modem Media's operations.
Vivid focuses on creating e-commerce sites for start-up businesses as well as established companies. Its Internet-related services include strategic planning, engineering, systems architecture, design and project management.
G.M. O'Connell, Modem Media's chairman and chief executive officer, said the acquisition will strengthen the company's e-commerce offerings.
"Modem's acquisition of vivid is in line with our customer-focused e-business strategy and enables us to implement complex e-commerce sites quickly and market them more effectively," O'Connell said.
