Internet services company USWeb/CKS said today it will acquire Mitchell Madison Group (MMG), a consulting firm with a business-to-business E-commerce focus. The deal, valued at $300 million, is a purchase is a stock transaction in which USWeb/CKS will issue approximately 14.4 million shares of USWeb/CKS stock for all of the equity interests of MMG.
MMG, which was formed five years ago by 30 former McKinsey & Co. employees, brings a client base that includes large financial firms. Recent expansions have taken the company into the health care, retail, technology, and telecommunications sectors.
According to Robert Shaw, CEO of USWeb/CKS, acquiring MMG will give his company the ability to pursue more Web business process engagements. He also said USWeb/CKS examined a number of companies before settling on MMG.
MMG CEO Tom Steiner will join USWeb/CKS as president and chief operating officer of USWeb/CKS.