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IQ Completes Rosslyn Buy
UK b2b research specialist IQ has completed the acquisition of Rosslyn Research, first announced in March this year, for £0.4m cash and £0.2m in shares. IQ has just joined the AIM exchange with an £850,000 placing at 2p.
The placing values the company at around £1.6m. Rosslyn is IQ's first buy and will enable it to broaden its survey research offering. Rossyln was founded in 1979 and a major part of its revenues come from international qual and quant. In the year ending 30th September 2006 Rosslyn made post-tax profits of £0.72m.
IQ has suggested it will look for further acquisitions of firms complementary to its current offerings, and has identified potential targets. In the ten months to 31st July 2007 it made revenues of £327,000, gross profits of just over £0.25m and a loss after tax of £74,000 after tax - however the latter reflects an apparent move into profit following a reported interim loss of £80,000 posted at the end of March 2007.
IQ's operating subsidiary IQ Research offers market assessment, corporate branding, competitor analysis and mystery shopping among other services - it is also developing specialist research products for the life and pension industries.
CEO Julian Green founded IQ Research in 1998, having worked for Euromonitor Publications in roles including Research Manager and Business Development Manager. The firm's web site is at www.iqresearch.co.uk.
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