3rd Jan 2008 07:00
United Business Media acquires Mass Events Labs for $1.2m CMP Technology acquires innovative software industry events producer
United Business Media plc today announces that it has acquired Mass Events Labs on behalf of CMP Technology. UBM has acquired the business from its founders for an initial cash consideration of $1.2m, with a further performance-related consideration of up to $3.8m payable over the next four years.
Mass Events Labs (www.masseventslabs.com) is producer of innovative custom events that are based on the Open Space methodology. Each event's agenda is determined by the participants, generally day-by-day during the course of the event, rather than by the event's organizers in advance. Mass Events Labs provides an innovative means by which software platform providers can provide information, educate and exchange views with software developers. Mass Events Labs events have attracted sponsorship from companies such as Google, Sun, IBM and Yahoo. Mass Events Labs has also produced custom events for leading software vendors.
Based in Massachusetts, Mass Events Labs was founded in 2006 by co-owners David Berlind and Doug Gold. The business will be integrated into CMP Technology immediately with David Berlind, currently Executive Editor at CNET, joining CMP Technology. Doug Gold will remain with the business on a contract basis. Mass Events Labs revenues for FY2008 are anticipated to be approximately $1.25m. The acquisition is anticipated to meet UBM's 8% post-tax cost of capital acquisition criterion in its first full year of ownership.
Tony Uphoff, President of CMP Technology's Business Technology Group said:
"Mass Events' pioneering use of the innovative Open Space event methodology hasproved particularly well suited to enabling communication between softwareplatform providers and their respective developer communities. Acquiring MassEvents enables CMP Technology to take another step in its transformation into anext generation media company that provides new ways to connect buyers andsellers." - Ends - ContactsMedia Peter Bancroft Director of Communications E-mail communications@ubmgroup.biz Direct telephone +44 20 7921 5961 Chris Barrie Citigate Dewe Rogerson E-mail chris.barrie@citigatedr.co.uk Direct telephone +44 20 7282 2943 Mobile +44 796 872 72 89 Analysts/Investors Email investorrelations@ubmgroup.biz Direct telephone +44 20 7921 5095 Nigel Wilson +44 20 7921 5019 Andrew Crow +44 20 7921 5940 Notes to Editors
1. About United Business Media Plc
United Business Media Plc is a leading global business media company. We inform markets and bring the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. We focus on serving professional commercial communities, from doctors to game developers, from journalists to jewellery traders, from farmers to pharmacists around the world. Our 5,000 staff in more than 30 countries are organised into specialist teams that serve these communities, helping them to do business and their markets to work effectively and efficiently.
For more information, go to www.unitedbusinessmedia.com.
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