Harris Interactive is to acquire Total Research following the recently gained approval of both companies' shareholders. The new combined company is expected to generate approximately US$130 million in worldwide revenue this fiscal year.
In separate meetings held at the beginning of November, Harris Interactive shareholders voted in favour of issuing shares of Harris Interactive common stock to Total Research Corporation shareholders. The later also voted in favour of the adoption of a merger agreement with the former, and then approved the merger.
"Our shareholders have spoken. They too agree that this merger is a very good opportunity. The combined company is now a strong force in the global market research arena - and we expect to grow even stronger. We are maximising use of the Internet for research precisely at a time when the higher quality and lower costs of Internet-based research are a huge advantage in the marketplace," stated Dr. Gordon S. Black, the chairman and CEO of Harris Interactive.
"We are quickly headed to a cash-positive state, and our next main goal is to achieve profitability. The combined Company now has a bigger and better engine to create revenue - my responsibility is to convert that revenue to profit," commented Al Angrisani, the new president and COO of Harris Interactive.
"As a result of this merger, we will have greater access to new potential clients in the U.S., Europe & Asia. Internet-based research enhances our gross margins, while providing a higher quality product to our customers. International growth in revenue and gross margins will help build our profitability," explained David Clemm, vice chairman for global operations and Internet research development of Harris Interactive.
The combined company will have a strong presence in the United States coupled with offices in Tokyo, Japan, and in the United Kingdom. These international offices will serve as focal points for increasing the company's Internet research capability in the Pacific Rim and Europe.
Harris Interactive's shares will continue to trade under the symbol: HPOL. Total Research common stock has been de-registered under the Securities Exchange Act of 1934 and de-listed from the Nasdaq National Market, formally ending trading of Total Research common shares (Nasdaq: TOTL).
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.