Hakuhodo and TSR Buy 'Substantial Stake' in Cimigo

Advertising and communications network Hakuhodo and its marketing intelligence agency Tokyo Survey Research (TSR) have jointly acquired a 'substantial' stake in Asia Pacific-based marketing and brand research consultancy Cimigo. Terms of the deal were not disclosed.

Cimigo employs more than 300 researchers and offers a wide range of services from customised research and consultancy to fieldwork and outsourcing from its offices in Singapore, Hong Kong, Shanghai, Jakarta, Ho Chi Minh City and Delhi. According to Hakuhodo, the investment will provide its clients with a stronger research and insight coverage across the Asia Pacific region, while as a member of the Hakuhodo group, Cimigo will gain access to resources - including offices in seventeen countries and more than 5,500 employees worldwide - that will help it expand to new markets.

In a statement, Cimigo Managing Partner Chris Farquhar and Richard Burrage said they had explored partnerships with various interested parties and the culture and business strategy of the Hakuhodo group provided the 'ideal match'. Burrage added: 'We have worked closely together to ensure an agreement that benefits all parties and builds on the respected brand names and unique culture of both the Hakuhodo group and Cimigo. Going forward, three companies will be able to leverage on the brand and service strengths of each other.'

Web sites: www.hakuhodo.jp , www.tsrn.co.jp and www.cimigo.com .