31st Jul 2006 07:00
YouGov PLC31 July 2006 31 July 2006 YouGov plc First International Acquisition - Siraj Extends YouGov's Middle Eastern Offer YouGov plc, the full service panel based online research agency, today announcedthat it's 78% owned subsidiary YouGov ME FZ LLC has signed an agreement toacquire Siraj Marketing Research and Consultancy Boutique ("Siraj"), a leadingDubai based market research company. The purchase price will comprise aninitial consideration of £800,000 and a deferred consideration of up to £400,000payable over three years up to a total of £1.2m. Siraj was established in 1999 and provides its domestic and internationalclients with bespoke qualitative and quantitative market research services.Siraj has an excellent reputation for providing insight and high quality marketresearch which draws on the company's strong local knowledge and understandingof the region. The acquisition is consistent with YouGov's strategy of client led geographicalexpansion and selective acquisitions. The addition of Siraj to YouGov's existingoperations will further extend the group's offer in the Middle East. Siraj willalso benefit from being part of a larger market research group which will allowit to offer both existing and potential clients integrated research services.The gross assets acquired were £130,000 as at 30 September 2005 and unauditedprofits for the 9 month period to 30 June 2006 were £65,000. The acquisition isexpected to be earnings enhancing in the first full year of ownership. Commenting on the acquisition, Nadhim Zahawi, Joint CEO and co-founder of YouGovplc, said: "Siraj is an established company with a great reputation. The market researchsector is growing rapidly in the Gulf Cooperation Council Area and the enlargedgroup will be well placed to provide complementary services to its growingclient base. The acquisition brings a highly experienced, Arabic speaking teamto YouGov and adds further strength to our team in the region. This firstinternational transaction is consistent with our strategy of growing our networkin the region through partnerships, acquisitions and market share gains." Nassim Ghrayeb, Managing Director of Siraj, added: "YouGov has an excellent reputation in the region as well as in the increasinglyimportant online research sector. Joining forces with YouGov will allow us todevelop market leading products and service for the region and to build on thestrong positions that both companies have developed independently." ENDS YouGov plc Tel: 020 7618 3010Nadhim Zahawi, Joint CEOKatherine Lee, CFO Financial Dynamics Tel: 020 7831 3113Tim Spratt / Kim Muckle This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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