New York-based i-shop Iguana Studios has been purchased by Change Technology Partners, Inc., a company that acquires and manages Internet service businesses, for $8.8 million in cash and stock, the companies said Monday.
Iguana's three founders, Nancy Duran, Jason Jercinovic and Chris Piazza, will become managing directors of the Greenwich, Conn.-based CTPI, and eventually Iguana will be consolidated under the CTPI name. A spokeswoman
for Iguana said the company does not expect that any of its
approximately 60 employees will be let go.
The three-year-old Iguana is the single largest entity to be acquired by CTPI, which had about 130 employees total before the acquisition. CTPI has bought between five and ten interactive firms with less than 20 employees in the last year, an Iguana spokeswoman said.
Other firms under the CTPI umbrella include LiveSky, a wireless strategy firm, and Broadstream, a streaming media services company. CTPI is looking to service a variety of different industries, and interactive shop Iguana will add its financial services, media and entertainment and
publishing clients to the mix.