LB Icon AB (publ.) (LB Icon; the Company), internationally active in Internet Consulting and Web Services, announces the acquisition of Wheel Communications Ltd (Wheel) located in London. Wheel is one of the leading independent full service digital agencies in the UK. Combined with the existing LB Icon business activities in the UK, this acquisition gives LB Icon the market-leading position in the UK.
The service offerings of Wheel and LB Icon are highly complementary and better position the Group to compete in the UK and wider European market place. LB Icon will now have 200 professionals located primarily in London. The client base will be strengthened and expanded with extensive coverage across all sectors including retailing, pharmaceutical, FMCG (fast moving consumer goods), travel, telecommunications and the public sector. Wheel is a profitable business with approx. GBP 6 million in annual revenue. The acquisition will be completed with a combination of cash, shares and bonds.
Commenting on the combination, Robert Pickering, CEO of LB Icon, stated: We are glad about this new addition to our Company at this time in our growth and development. Wheel brings the strategic and creative marketing services we need in the UK to complement our existing portfolio. We were particularly impressed by the professionalism, leadership and culture of the management, and personnel. This combination gives us a strong proposition in Europes market for interactive services.
Philip Hunt, CEO of Wheel, states: We are excited about joining a Pan-European group with clients and services complementary to our UK base. LB Icon provides us with a stronger platform to compete and grow in the UK and a ready-made route to expand our offering into Europe, together with the opportunity to play a major role in the growth of the leading European interactive network.