Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The U.K.-based marketing and communications firm is building the U.S.-based iProspect search marketing operation into an expanded globally branded network, even as it plans to cut nearly 5% of its worldwide workforce of 16,800 people.
Aegis Group plc, a London-based marketing and communications company, is building out its U.S.-based iProspect search marketing operation into a globally branded network even as plans to cut its global work force of 16,800 people by nearly 5%, the company says.
In the U.S., Aegis includes iProspect and the digital media advertising agency Carat US within Aegis Media North America. The company didn’t specify how it planned to distribute the workforce cuts among Aegis operations. A call to iProspect was not immediately returned.
At Aegis Media North America, steady revenue and profit growth last year was offset by relatively weak results at Carat US, Aegis says in its 2008 year-end financial report.
“Elsewhere in the U.S., we achieved a strong performance in iProspect, our global search network,” the company says.
It adds that it continued to expand the iProspect global search brand last year, opening 11 new offices in eight markets through acquisitions and organic growth. As of the end of 2008, the iProspect network employed more than 600 search marketing staff in 26 offices in 21 markets.