Ogilvy-backed German Internet agency launches IPO

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WIESBADEN--Concept!, an Internet agency here, launched on March 28 an Initial Public Offering on the Neue Markt in Frankfurt. At the close of the first day, the Web service provider was valued at $850 million. OglivyOne Worldwide, a subsidiary of U.K.-based WPP Group, holds an 18% stake in Concept!

Concept!, which reported 1999 revenue of $12 million, employs 130 information technology specialists, advisers and designers who conceive and implement Internet strategies for clients such as Mannesmann, Mobilfunk and Kaufhof.

Copyright March 2000, Crain Communications Inc.

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