Magnet Interactive Group is looking for some money, either via an investment or a sale. "We need to do some sort of strategic/financial deal" to allow the Washington and Los Angeles i-shop to expand into other key markets, said Chief Operating Officer Bob Poulin. An ideal partner, he said, would have "deep pockets" and back-end/e-commerce expertise to marry with Magnet's design expertise. Magnet, with 200 employees and '99 revenue of $16 million, works for clients including Nissan North America's Infiniti and Kellogg Co. Meanwhile, SF Interactive, San Francisco and New York, sold a $10 million minority stake to William E. Simon & Sons, a private equity group. SFI will expand into key U.S. cities and develop new services.
Copyright December 1999, Crain Communications Inc.