Think New Ideas, New York, has acquired Seattle-based Herring/Newman, an online and traditional media agency which last year had $55 million in billings.
Terms of the deal were not disclosed, and details were being solidified at press time. Think president and Chief Operating Officer Ron Bloom confirmed the company will now be known as Think Seattle, adding a Northwest branch to Think's stable of offices in Los Angeles, Atlanta, San Francisco and Boston, where it acquired BBG New Media in November for $175,000 cash and 300,000 common shares.
"We've been looking at the Pacific Northwest for about a year," Bloom said. "We're trying to grow our presence there by acquiring a company that understands relationship marketing, brand building and interactive, one that we could help by adding a layer of our technical solutions."
Clients of Herring/Newman, the largest independent agency in Washington, include Hewlett-Packard, Westin Hotels and Resorts and The Seattle Times. The firm's current management will remain in place at the regional level and will join Think's management team. Its 60 employees are expected to stay on board as well.
Bloom said Think looked at a variety of firms before finding Herring/Newman, with whom they worked for a few months before making an offer. His company was the first suitor of many in the past five years that Herring/Newman found appealing. "Think sees the world in a much more holistic fashion than traditional advertising agencies do," Chief Executive Officer Bill Toliver said. "They certainly bring a critical mass, especially in new modes of communication, that we've been craving here."