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Sapient Corp. reports it has purchased New York-based advertising network Nitro Group Ltd. in a stock transaction that is valued at around $4 million.
Boston-based Sapient (Nasdaq: SAPE) will issue 404,130 shares of restricted stock to ten unnamed people as part of the deal, and an additional 352,302 stock units with different restrictions that could be turned into common stock to fifteen unnamed individuals. No further financial details of the deal were disclosed.
Nitro Group counts among its clients companies such as Mars, ConAgra Foods Inc., Volvo, Nike Inc. and Foot Locker Inc. In addition to its New York headquarters, Nitro operates throughout North America, and in Europe, Australia and China.
Sapient operates two groups — Sapient Interactive and Sapient Consulting. Sapient Interactive provides brand and marketing strategy, creative work, web design and development. Sapient Consulting provides business and IT strategy, process and systems design, package implementation and custom development, as well as outsourcing services such as testing, maintenance and support.
In August of 2008, Sapient acquired London-based Derivatives Consulting Group Ltd., a provider of derivatives consulting and outsourcing services. DCG operates within Sapient’s trading and risk management practice.
For 2008, Sapient reported a profit of $64.5 million on revenue of $687.5 million.
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