In the UK, digital communications group Next15 has made its second purchase of the week - this time acquiring B2B MR consultancy Circle Research through its data and insights subsidiary, MIG Global Limited (MIG). The initial consideration is £5.21m.
London-based Circle was founded in 2006 by former BPRI (now Kantar Millward Brown) execs Andrew Dalglish and Beth Pearson, with BPRI co-founder David Willan joining them the following year. The company offers primary research to enable clients to tap into the buying journey, invest in the right marketing channels and messages, create new products and services, and develop more loyal clients. For the year ended 31st March 2017, Circle reported net revenues of £2.24m, adjusted profit before tax of £1.01m and net assets of £2.23m.
MIG will pay £3.01m as an up-front payment for Circle, and £2.20m for the net assets acquired. Of the total initial consideration, £4.94m will be in cash, with the balance comprising 67,360 new ordinary shares in Next 15; further payments will depend on Circle's profits for the years ending 31st January 2019 and 2020. Dalglish and Pearson will remain Joint MDs, while Willan will step down from his role as Chairman but continue to provide advice for the business.
Dalglish explains that Circle will remain an autonomous brand within MIG, and Pearson adds: 'We're confident that joining MIG and Next15 is a positive move for Circle's clients and team. MIG share our core values - great work, delighted clients and happy people - and will enhance our offering by bringing cutting-edge research technology and an on-the-ground international presence'.
The Next15 Group employs more than 1,350 people across 32 offices in 14 countries, via subsidiary companies covering areas from digital content creation to PR and public affairs. Yesterday, the group acquired data-driven B2B content marketing strategy firm Velocity Partners for an initial consideration of c.£5.9m.
Web sites: www.next15.com and www.circle-research.com .
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.