Reed Elsevier plc announced today that its US based Cahners Business Information division has signed a definitive purchase agreement to acquire eLogic Corporation a fast growing and leading application service provider of web design, development and delivery systems to media and internet companies. The acquisition is valued at $79 million and is expected to complete this month.

The acquisition of eLogic provides Cahners with world class content management technology and accelerates its strategy of building leading internet portals in its target markets. eLogic will provide an advanced platform on which Cahners' web services will operate, and will enable sites to be rolled out more quickly and more easily.

eLogic already provides leading web platforms and services for large and small internet publishers and is growing rapidly with the acceleration of information services on the internet. eLogic's client list includes such names as The New York Times, The Washington Post Company (including Newsweek.com), The Economist, Intuit, National Discount Brokers, Northern Light, ZDNet and Ceiva. The range of eLogic's capabilities, plus web development, design and hosting, is offered both as a complete package or in modular form.

"The eLogic acquisition accelerates our growth as a provider of e-business information and solutions", said Cahners CEO Marc Teren. "eLogic's proprietary platform and unique network, integrated with Cahners' wide-ranging portfolio of content, will provide Cahners customers with easy navigation and fast solutions to help them run their businesses more efficiently."

Bill Nash, founder and CEO of eLogic, will assume responsibility for the business as president. He said "Cahners and Reed Elsevier are the perfect partners for eLogic. The eLogic technology and development capabilities are ideally suited to Cahners' scale and ambitious growth strategy. Additionally, Reed Elsevier will enable eLogic to be transformed into a larger worldwide business and maintain its rapid growth."