Progressive Digital Media Group PLC Acquisition (1044V)
10 Décembre 2013 - 8:00AM
UK Regulatory
TIDMPRO
RNS Number : 1044V
Progressive Digital Media Group PLC
10 December 2013
10 December 2013
Progressive Digital Media Group Plc
("Progressive" or "the Group")
Acquisition of Pyramid strengthens Progressive's presence in the
Global ICT market
Progressive Digital Media Group Plc, the provider of high
quality premium business information to the consumer and technology
markets, is pleased to announce its agreement to acquire the
business and trading assets of Pyramid Research ("Pyramid"), a
leading provider of business information and market analysis for
the ICT (Information and Communications Technology) industry, from
UBM plc for a gross consideration of US$3.3 million in cash payable
on completion. Completion, which is subject to UK employee
consultation, is scheduled for 2 January 2014 and will be financed
from the Group's existing cash resources.
For nearly 25 years, Pyramid has been providing practical advice
on market and service opportunities to leaders in the converged
communications, media and technology industries. Pyramid's market
analysis is centred on detailed primary research complemented with
insightful analysis and dynamic modelling tools. Pyramid has
offices in London, Boston and Argentina with subscribers located
across the globe.
Owing to the subscription nature of the business the acquisition
is expected to be earnings neutral in the first full year of
ownership and earnings accretive thereafter. The net assets to be
acquired on completion are expected to be approximately US$0.3
million.
Commenting on the acquisition Simon Pyper, Chief Executive of
Progressive Digital Media, said:
"Pyramid is well known to us and we are delighted that the
opportunity has arisen for this business to join the Group. Pyramid
has a well regarded brand name, a portfolio of high quality data
assets and moreover, an expanding presence in some of the world's
fastest growing markets."
Enquiries:
Progressive Digital Media Group Plc Tel: 0207 936 6400
Mike Danson, Chairman
Simon Pyper, CEO
N+1 Singer Tel: 0207 496 3000
James Maxwell
Nick Donovan
Hudson Sandler Tel: 0207 796 4133
Nick Lyon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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