Group Press Releases
Aegis Acquires Leading South African Research Company
22 June 2004
Aegis Group plc ("Aegis" or "Group") - the media communications and market research group - today announced that it has acquired Proactive Insight, a South African research business.
The purchase price is composed of an initial consideration of approximately £3.4m payable in cash on completion. There is also deferred cash consideration payable over three years, up to a maximum of £6.7m, subject to rigorous performance criteria. For the year ended 29 February 2004 Proactive Insight had revenues of approximately £6.1m.
Proactive Insight is a leading South African full service research business with over 300 employees, and offices and data collection facilities in Johannesburg, Cape Town, Durban, West Rand and Pretoria. The company has particularly good expertise in the automotive, financial and IT sectors and services a number of blue chip multinational clients.
Commenting on the announcement, Doug Flynn, Chief Executive of Aegis said:
"This acquisition provides Synovate with a significant footprint in South Africa where Proactive Insight is ranked amongst the top three largest market research companies. Proactive Insight has an excellent management team, skill base and client portfolio that perfectly complement Synovate’s international network. This is underscored by the fact that Synovate and Proactive Insight have already been working together for some time and recently co-pitched and won 50% of the South Africa Advertising Research Foundation ("SAARF") contract, a project which has a total value of more than £8.5 million over four years. The pitch was won in competition with the incumbent of more than 30 years."
For further information contact:
Richard Walters
Aegis Group plc
+44 (0) 20 7070 7700
Charles Palmer
Financial Dynamics
+44 (0) 20 7831 3113
