Proxicom Buys U.K. Net Consultancy in $73M Deal

STOCKHOLM (04/11/2000) - E-business services provider Proxicom Inc. announced today that it has acquired Clarity IBD Ltd., a U.K.-based Internet services provider, for 1.29 million shares and US$16 million in cash.

The stock transaction is valued at US$57.8 million, based on yesterday's closing price of US$44 for Proxicom shares, bringing the total value of the deal to $72.8 million.

By acquiring Clarity, Proxicom hopes to accelerate its international reach, the Reston, Virginia-based Internet services company said in a statement. In addition to London, Proxicom also has offices in Munich, Rome and Madrid.

Proxicom will merge Clarity, and its more than 80 London-based consultants, with the U.S. company's existing U.K. operations, and Clarity's Managing Director Andrew Skates will head the operations at Proxicom U.K. Ltd., according to the statement.

An Internet consultancy founded in 1996, Clarity's list of clients includes the Abbey National Group, British Telecommunications PLC, BT Worldwide, the Dixons Stores Group, Eurostar, Railtrack and Royal & SunAlliance, according to the statement.

Proxicom, with some 800 consultants, said it has developed and built e-businesses for companies including America Online Inc., General Electric Co., General Motors Corp., Merrill Lynch & Co. Inc., Mercedes-Benz Credit Corp. and NBC Corp.

Proxicom, in Reston, Virginia, can be reached at +1-703-262-3200, or via the Web at http://www.proxicom.com/. Clarity IBD, in London, is at +44-207-397-2900, or at http://www.marketing.co.uk/.

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