Irish Internet services company Digital Channel Partners, has been awarded a contract valued at around £4 million (€4.9 million) to redesign and restructure the official website of leading US business and technology publisher, Forbes (www.forbes.com).

It marks the first major contract for the New York-based division of the Irish company. Digital Channel Partners has deployed 14 full-time staff on the project, due for completion by the end of this year.

Earlier this year, it is understood to have concluded a lucrative contract to redesign and implement the official Formula One racing site.

However, since Mr Bernie Ecclestone sold 50 per cent of the company, the contract has been put on hold.

According to Digital Channel Partners' chief executive officer, Mr Graham Penrose, the company is in the process of raising between £2.5 million and £5 million in first round funding from Irish and British investors.