Microsoft will for the time being remain the owner of Greenfield Online's Internet Survey Solutions (ISS) business, after potential buyer ZM Capital failed to meet financing conditions. President and CEO Al Angrisani will stay on in an advisory capacity while a new home is sought.
In this role, Angrisani will advise Dave O'Hara, MD, Corporate Development for the Platform and Services division (PSD) of Microsoft on the software giant's efforts to find the right buyer for the ISS.
Two months ago, it was announced that ISS was to be sold to 'shell organization' ZM Surveys, However, Greenfield told DRNO that the firm did not meet financing conditions that were specified in the deal to purchase the company from Microsoft, adding: 'This is of course to be expected given the existing state of the economy/capital markets.'
O'Hara will lead this part of the business through the transition period until Microsoft finds a suitable buyer. In addition, the rest of the ISS executive management team will stay and continue to manage day-to-day operations.
'I am honored to have the opportunity to remain on board in an advisory role during the transition period,' said Angrisani. 'The company, its employees and its clients are important to me and I want to make sure the transition is flawless and that we find the right home for the ISS business.'
O'Hara said ISS is a 'fundamentally strong business' as he outlined current plans to accelerate investment in its global panels during 2009.
'At a time when many companies may be pulling back, we have listened to management's recommendations and believe this incremental investment will benefit the business and help the company better serve its clients,' he added.
Web site: www.greenfieldonline.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.