Synovate Moves into Turkey

Amid speculation about its future ownership, the Aegis Group has bought Plus REMARK, Turkey's largest independent full-service MR company, for £4m. The business will be integrated into Synovate's global MR network.

The total cash consideration is £4m, payable over three years and subject to performance criteria.

According to ESOMAR's latest industry report, the MR industry in Turkey is set to grow by 17% this year. In 2004, it grew by 5.4% (after inflation), compared with 3.2% growth in Europe as a whole. Turnover in 2004 was turnover was $60m.

Plus REMARK has expertise in the financial services, consumer, automotive, industrial products, IT, telecom and media sectors. The company is located in Istanbul and employs 76 staff.

Temel Aksoy, the company's President and founder, says access to Synovate's solutions 'will provide our clients with a new dimension in research tools', and will enable the company to extend into new sectors.

Speaking of the acquisition, Aegis CEO Robert Lerwill said Plus REMARK 'fits very neatly into Synovate's geographic footprint'.

Synovate's Global CEO Adrian Chedore explains that the move into Turkey 'offers a springboard into the developing markets of Central Asia'.

Meanwhile, the future of Aegis remains uncertain. WPP, one potential bidder for the Group, has been given until tomorrow to make a bid (www.mrweb.com/drno/news4854.htm ).

Synovate is online at www.synovate.com and the Aegis Group web site is at www.aegisplc.com.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.