Progressive Digital Media Group Plc Acquisition of Pyramid Research
Progressive Digital Media Group Plc, the provider of high quality premium business information to the consumer and technology markets, is pleased to announce its agreement to acquire the business and trading assets of Pyramid Research ("Pyramid"), a leading provider of business information and market analysis for the ICT (Information and Communications Technology) industry, from UBM plc for a gross consideration of US$3.3 million in cash payable on completion. Completion, which is subject to UK employee consultation, is scheduled for 2 January 2014 and will be financed from the Group's existing cash resources.
For nearly 25 years, Pyramid has been providing practical advice on market and service opportunities to leaders in the converged communications, media and technology industries. Pyramid's market analysis is centred on detailed primary research complemented with insightful analysis and dynamic modelling tools. Pyramid has offices in London, Boston and Argentina with subscribers located across the globe.
Owing to the subscription nature of the business the acquisition is expected to be earnings neutral in the first full year of ownership and earnings accretive thereafter. The net assets to be acquired on completion are expected to be approximately US$0.3 million.
Commenting on the acquisition Simon Pyper, Chief Executive of Progressive Digital Media, said:
"Pyramid is well known to us and we are delighted that the opportunity has arisen for this business to join the Group. Pyramid has a well regarded brand name, a portfolio of high quality data assets and moreover, an expanding presence in some of the world's fastest growing markets."