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FIND/SVP Inc. Completes Acquisition of Teltech | July 8 2003 |
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Business research and consulting firm FIND/SVP Inc has announced that it has completed the acquisition of Teltech, the US-based Information Management division of Sopheon plc. The value of the transaction included an upfront purchase price of $3,050,000 and a contingent earn-out payment of up to a max. $400,000. Teltech's revenue for the twelve months ending May 31, 2003 were approximately $8.4 million and adjusted EBITDA (after confirmed cost synergies to take effect at or close to the time of closing) was approximately $1.1 million. Minneapolis-based Teltech is an established provider of custom research and information services, with a focus on the R&D and Engineering departments of larger corporations - which complements FIND/SVP's concentration on marketing and related functions within its clients. According to FIND/SVP's CEO David Walke the acquisition of Teltech 'exemplifies the successful execution of our consistently stated growth strategy and will now allow us to focus on delivering quality sales and earnings growth going forward'.
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