On January 19, 2001, itemus inc. (itemus) completed its acquisition of Digital 4Sight (Digital), a leading e-business strategy consulting and research firm. The acquisition is valued at US$22 million, consisting of 56 million common shares plus a US$2 million payment for working capital. The transaction results in a combined company which merges the strengths of itemus, a leading architect of next generation Internet strategies, solutions and software, with Digital, whose focus is on the development of innovative business models, the design of “business webs” and the provision of digital supply chain and e-marketing services to participants in the digital economy.
The merger will provide itemus with a first-mover advantage in offering end-to-end business web capabilities for global organizations. Under the terms of the transaction, cyber-guru Don Tapscott, previously Chairman of Digital, has been nominated to become Chairman of itemus, while Digital’s former Chief Executive Officer David Ticoll has been nominated to join the restructured itemus Board.
Acting for itemus are Stephen Pincus, Meredith Roth and Matthew Angus of Goodmans LLP. Digital is represented by a team from Gowling Lafleur Henderson LLP led by Wendy Thompson, and including Sharon Bennett (tax), Cameron Ferris (securities), Rhonda Jansen (employment) and Carl Turner (corporate).