iCrossing Buys Spannerworks, Raises $18M

Scottsdale, Arizona-based iCrossing, a digital marketing agency, said today that it has closed $18M in funding, and acquired UK-based search marketing agency Spannerworks. The venture round was led by Oak Investment Partners, RRE Ventures, and StarVest partners. Financial terms of the Spannerworks acquisition were not disclosed, however iCrossing said that the Spannerworks brand will remain in place, and will be continue to be led by Arjo Ghosh, CEO of Spannerworks. The venture round brings iCrossing's total funding to over $50M. The acquisition of Spannerworks is iCrossing's second, after acquiring NewGate Internet in November of 2006. More information »