Progressive Buys Pyramid Research for $3.3m

Progressive Digital Media Group (PDMG), which provides business information to consumer and technology markets, has acquired ICT market analysis specialist Pyramid Research from United Business Media (UBM), for $3.3m in cash.

Pyramid, with bases in London, Boston and Argentina, analyzes and forecasts demand for communications and media services, applications, networks and devices in more than 100 countries, using a combination of detailed primary research, analysis and modelling tools. UBM's publishing, events and research group Light Reading Communications Network acquired the firm in 2008 for $8m.

The PDMG deal, which is subject to UK employee consultation, is scheduled for completion on 2nd January 2014 and will be financed from the group's existing cash resources.

PDMG CEO Simon Pyper (pictured) comments: 'Pyramid is well known to us and we are delighted that the opportunity has arisen for this business to join the group. The firm 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.'

PDMG was formed in June 2009 through the reverse acquisition of online marketing services group TMN Plc. Last year, the company acquired public sector intelligence specialist Kable, which provides research, forecasts and analysis of the ICT market.

Web sites: www.progressivedigitalmedia.com and www.pyr.com .