CGI to Acquire Online Marketing Agency

  • December 28, 2004
CGI Holding Corporation, which owns online marketing firm WebSourced, announced Tuesday it will acquire Proceed Interactive, an interactive marketing agency, in a stock deal.

Proceed's 35 employees manage the likes of General Motors, Omni Hotels, and Wells Fargo. Jonathan and Stephen Schepke, Proceed's CEOs, will continue to lead the company. Founder Bruce Findley will stay on as a consultant. CGI's clients include RealNetworks, Alaska Airlines, and Lowe's.

Proceed, known as Meandaur until Dec. 22, managed $5 million worth of paid search and other marketing spending in 2004. It projects revenue for 2004 to reach $3.6 million. CGI will acquire all of Prospect's stock in exchange for approximately 1.3 million CGI shares--of which half will be given now and half will be placed into escrow and paid out according to Proceed's performance over the next four years.

-- Gavin O'Malley

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