Online market research agency YouGov has agreed to acquire US-based Definitive Insights for a total of £3 million.

Online market research agency YouGov has agreed to acquire US-based Definitive Insights for a total of £3 million.

Founded in 2009, market research company Definitive Insights specialises in the IT, pharmaceutical, financial service and energy markets, and conducts most of its data collection online.

YouGov is responsible for many of the political opinion polls that are conducted during the run-up to a general election in the UK.

The deal is expected to rise to £3 million based on an initial payment of £600,000 and subsequent earn-out payments dependent on the performance of the business during the next two years, ending 31 January 2013.

Stephan Shakespeare, CEO of YouGov, comments: ‘Definitive Insights will further help us to scale up the Group’s commercial market research business in the USA.’

Managing partner of Definitive Insights, Doss Struse, says that becoming part of YouGov gives the company scale and global reach.

The US corporate market research sector is worth £5 billion, according to YouGov. The UK business also bought Harrison Group in August 2010 in a deal worth up to £8 million.

Under the terms of the deal the 14 staff of Definitive Insight will be joining YouGov’s US team, bringing its total up to 90 people.