Razorfish Buys Sweden's Qb for US$20 Million

LONDON (01/24/2000) - Web design and e-business consulting firm Razorfish Inc. has bought the Swedish Internet consulting company Qb International Holding AB for US$20 million, Razorfish announced today.

Qb and its 40 employees will begin to be integrated into Razorfish immediately, said Mats Graffman, the managing director of Razorfish Sweden.

Razorfish's core business is in assisting large companies with making the transition to e-business and e-commerce, what Graffman referred to as "change management."

"I think that Qb has important knowledge of Sweden and will help us with expanding in the European market," Graffman said.

Razorfish, headquartered in New York, has 11 offices in 7 countries and employs over 1,100 people. Besides its office in Stockholm, the company has European offices in Amsterdam, London, Hamburg, Mannheim, Helsinki and Oslo.

Along with its strength in change management and an ability to handle large projects, Razorfish was impressed with Qb's "Intelligent Homes" project which it has been working on in partnership with utilities provider Vattenfall in Finland, Graffman said.

"The intelligent homes work is very exciting; finding all of the ways to have the home working together with the computer," Graffman said.

The Qb purchase is the seventh acquisition made by Razorfish within the past two years. Last November, Razorfish completed its acquisition of the Boston-based services-integration specialist i-Cube (International Integration Inc.) in a stock swap deal worth US$677 million.

Razorfish clients include L.M. Ericsson Telephone Co., Charles Schwab & Co. and Excite@Home Inc.

Razorfish, headquartered in New York, can be contacted at +1-212-966-5960, or at http://www.razorfish.com/. Vattenfall can be reached at http://www.vattenfall.fi/.

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