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Article: Struggle to Xceed; Web firm's transformation falls short.(Brief Article)(Statistical Data Included)
- Article from:
- Crain's New York Business
- Article date:
- September 11, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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At the height of Silicon Alley's gold rush, Xceed Inc. unveiled one of the most audacious plans for striking it rich in the new economy: transform itself from a New Jersey first-aid supplies maker to a hip New York interactive agency.
Earlier this year, the company's gambit appeared to be paying off. After acquiring several Web services shops in 1999 and selling off its original Water-Jel Technologies business, Xceed saw its stock price hit a high of $48 a share in January. Capping off its new media makeover, Xceed established headquarters in the Woolworth Building, with a $900,000 incentive package from the city to boot.
The honeymoon didn't last long. ...