As it was relaunching as Ion Global UK, digital media turned e-business group Revolution heard its new parent, Chinadotcom, announce operating losses and imminent job cuts.
Chinadotcom announced last week that it plans to cut more than 400 jobs during the first half of the year in order to cut costs.
The group currently employs around 2400 people and wholly owns the Web consulting group Ion Global, formerly Web Connection.
Last week Chinadotcom announced net losses of $59.8m (£42.1m) for last year, and as a result it now plans to further consolidate operations in the US, Hong Kong, China, Taiwan and Korea.
And, according to a report by the Financial Times last week, Chinadotcom “has begun selling, closing or scaling back ‘non-core’ operations in Korea, Singapore, Hong Kong, Shanghai, Taiwan, China, Japan and the US”.
An Ion Global UK spokeswoman says, “The Chinadotcom announcement does not affect us in the UK. The 400 lost jobs will be in the Far East, primarily through natural wastage and in the non-Ion Global parts of the group.”
Web Connection was founded in 1995 in Hong Kong and its acquisition of Revolution was announced last October.
The rebranding as Ion Global involves eight international consultancies employing more than 1000 staff.