Icon Medialab buys Swedish Web consultancy

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STOCKHOLM--Icon Medialab International, one of Europe's leadinginteractive media and marketing specialists, is acquiring fellow Stockholm-based Internet company Parallel Consulting Group. Founded in 1992, Parallel mainly provides technically advanced e-commerce solutions for companies in the banking, finance and telecom sectors. Parallel Consulting has 100 employees, and it estimates that 1999 revenue is $13 million. Parallel CEO Magnus Bergman says of the acquisition: "The alignment with Icon Medialab will enable us to export the company's leading-edge expertise to other countries.''

Founded in March 1996, Icon Medialab has a staff of more than 600 acrossEurope, the U.S. and Asia.

In March 1999, Interpublic Group of Cos. bought a 20% stake in IconMedialab International for $20 million.

Icon's share price has been volatile since it recently replaced CEO Franco Fedeli with Ulf Dahlsten, the former head of the Swedish postalservice.

Copyright September 1999, Crain Communications Inc.

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