UBM Acquires Pyramid Research for $8M
Deal ‘more than doubles’ division’s research portfolio, CEO says.
United Business Media has acquired market research firm Pyramid Research for $8 million.
The London-based publishing group plans to integrate Pyramid with its own research group, Heavy Reading—an arm of the Light Reading Communications Network, which serves the telecommunications industry and is managed by UBM’s TechWeb group.
The deal is expected to close within the next few days.
Headquartered in Cambridge, Massachusetts with offices in Hong Kong, London, Miami and Seattle, Pyramid analyzes and forecasts demand for communications and media services, applications and networks, with a focus on developing markets.
“Although we reach the broad universe of professionals who build, deploy, manage and finance next-generation telecom and enterprise networks … this blockbuster combination of Pyramid and Heavy Reading more than doubles the size of our research portfolio and positions TechWeb for increased global growth,” TechWeb CEO Tony Uphoff said in a statement.
Pyramid, which employs about 50, will remain in Cambridge. President and CEO Daniel Schimel will report to Heavy Reading managing director Dennis Mendyk.
"TechWeb’s job will be to invigorate the sales/marketing process [at Pyramid] and probably update the product set," DeSilva + Phillips managing director Ken Soneclar tells FOLIO:. "Many buyers are looking for research firms that have mastered the more difficult aspects of the retainer-research business model and can monetize their expertise through complimentary products and services, particularly events. TechWeb no doubt feels there’s an opportunity to build up those aspects of Pyramid quickly and generate a good rate of return on their investment."
No layoffs are associated with the acquisition, a UBM spokesperson says.