Total Research Completes Purchase of Romtec Plc
Page 1 of 1
[May 12] Total Research Corporation of New Jersey announced Friday the completion of its purchase of European Internet research company Romtec Plc for $7.2 million.
Total Research is paying for the acquisition in cash and notes, $4.1 million now and the remaining $3.1 million over two years. However, only $2.1 million of the outstanding sum is guaranteed, with Romtec obliged to meet specified operating targets to obtain the last $1 million.
Based in the U.K., Romtec provides market research, contact databases, direct marketing and tracking services for IT and telecommunications clients. By coincidence, its two largest clients are the two Fortune 100 corporations that are also the largest clients of Total Research.
Albert Angrisani, president and chief executive officer of Total Research, said the acquisition put Total Research among the top 20 marketing research firms in both Europe and the U.S. He said that the two companies would blend their Internet capabilities to achieve a leadership role in global Internet research.
"The acquisition will allow Total Research to offer integrated marketing services to its global Fortune 500 client base through a variety of new services, including proprietary databases and added value direct and channel marketing."
Speaking for Romtec, Chairman and Managing Director Russ Nathan said the synergies of the merger would create opportunities for both companies.
"Total and Romtec have complementary Internet-based businesses, products, and common technology, which will bring greater value to our clients around the world. It will also strengthen the Internet and e-commerce capabilities of both companies," added Nathan.
At the year to the end of June, 1999, Total Research's revenues were $41.5 million, with net income of nearly $2 million. To the end of January 2000, Romtec's revenues were $6.6 million with net income of $300k.