Market research agency YouGov has agreed to acquire the US-based Harrison Group for around £8.3 million.
Online market research agency YouGov has agreed to acquire the US Harrison Group for around $13 million (£8.3 million).
The acquisition of the market research company is for an initial payment of $6 million with further performance-related payments over the next three years expected to total around $7 million. The deal is conditional upon Harrison’s shareholder approval and is to be funded from YouGov’s existing cash resources.
AIM-listed YouGov is an international research company that uses online panels to provide quantitative and qualitative research across industries including financial services and the public sector. The London-based company has more than 450 employees worldwide and the acquisition of Harrison will bring its US staff to over 80.
Harrison was founded in 1996 by CEO and chairman Doug Harrison and has 35 staff and over 60 corporate clients. In 2009 Harrison reported a net profit of $300,000 on a turnover of approximately $9.6 million. Harrison has net assets of approximately $2 million.
Stephan Shakespeare, CEO of YouGov, says that the deal ‘is consistent with YouGov’s strategy of scaling up the Group’s commercial market research business in the US’.
Harrison adds: ‘For our part, we look forward to working with YouGov to grow our combined corporate research business in the USA and develop innovative research products together.’