14th Dec 2015 13:05
LONDON (Alliance News) - Experian PLC on Monday said it has completed the sale of its consumer insights businesses Hitwise and Simmons, which form part of its marketing services operations, to Symphony Technology Group for USD47.0 million plus an earnout of up to USD5.0 million.
The information services group, which is known for its credit rating activities, said the sale of the consumer measurement and analytical services companies was decided as part of a broader strategic review.
Experian said the Hitwise and Simmons businesses "provide limited synergies" with its core activities.
Hitwise and Simmons generated USD74.0 million of revenue in the year ended March 31.
"These disposals are in line with our strategy to focus our portfolio where we can create synergies and competitive advantage. We are pleased that Symphony Technology Group will continue to develop these businesses and thank the management team and employees for their support and wish them every success in the future," Chief Executive Brian Cassin said in a statement.
Shares in Experian were down 1.0% at 1,143.00 pence on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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