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Greenfield Acquisition Boosts Healthcare Offering
Internet survey solutions company Greenfield Online, Inc has completed the acquisition of Durham, North Carolina-based Rapidata.net, Inc for $5.5 million in cash, substantially increasing its health care research capabilities.
The acquisition, which is subject to certain post closing adjustments, gives Greenfield access to Rapidata's opt-in online panel of approximately 15,000 health care providers, which includes practicing physicians across all major specialties, hospital, retail and managed care pharmacists and formulary decision makers, nurses and nurse practitioners, as well as dentists. The majority of the panel is US-based but it also includes a small number in Europe.
Greenfield President and CEO Dean Wiltse says healthcare represented approximately $4m of the company's revenue in 2004. 'This acquisition enables Greenfield Online to become the one stop shop for health care marketing researchers with an expanded health care practitioner panel as well as a very targeted and difficult to reach patient population'.
With the closing of the deal, Rapidata's two executive officers (who together owned a majority of its stock) each purchased 16,225 shares of Greenfield Online common stock for $18.49 per share in a private placement. CEO Ben Feldman and President Jay Mebane will become vice presidents of Greenfield Online.
Rapidata revenue for 2004 was approximately $2.1m, with operating income of $0.6m. During 2004, Rapidata completed more than 150 survey projects for approximately 35 clients.
Greenfield is based in Wilton, CT, USA and is online at www.greenfield.com .
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