Avenue A | Razorfish buys e-Crusade

Avenue A | Razorfish has made its first foray into Asia, acquiring Greater China digital shop e-Crusade for an initial consideration of US$2.95 million. <BR> <BR> e-Crusade, which has offices in Hong Kong and Shanghai, will retain its brand identity and will operate as a subsidiary of the US-based digital marketing network. Its existing leadership team of co-founders Royce Lee and Venus Lee (pictured), and chief creative director Endy Fung, will also remain intact. <BR> <BR> The total purchase price, payable in cash, will be determined by an earnout arrangement based on profit contributions from e-Crusade over the next four years and e-Crusade's net asset value on October 31, 2006. A cash payment of $2.95 million was paid as upfront consideration on the earnout. The Avenue A | Razorfish network includes 12 US locations, along with UK agency DNA, Australian player Amnesia, and Neue Digitale in Germany.