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Middle Eastern Buy for YouGov
UK-based pollster and MR firm YouGov Plc has made its first international acquisition, buying Dubai's Siraj Marketing Research and Consultancy Boutique for approximately $2.2 million (DHS 8 million). The new firm will be known as YouGovSiraj.
Siraj has a strong regional reputation based on its local knowledge and understanding. Working across the Middle East and North Africa, its focus is on social, political and CSR research as well as other custom MR projects.
YouGov has been working in the Middle East since 2004, when it established a specialist business panel for the GCC countries. It runs the region's first business confidence index, in partnership with HSBC and the Middle East Economic Digest (MEED). The combined company now plans to expand across the GCC region with Dubai as its hub.
YouGov's Joint CEO and co-founder Nadhim Zahawi says the market research sector is growing rapidly in the GCC area. 'The enlarged group will be well placed to provide complementary services to its growing client base. The acquisition brings a highly experienced, Arabic speaking team to YouGov and adds further strength to our team in the region.' He continues: 'The acquisition brings a highly experienced, Arabic speaking team to YouGov and adds further strength to our team in the region.'
According to Nassim Ghrayeb, MD of Siraj, 'YouGov has an excellent reputation in the region and internationally, as well as in the increasingly important online research sector. Joining forces with YouGov will allow us to develop cutting edge market leading products, whilst retaining a boutique approach to service.' Ghrayeb founded the agency with Lina Nahhas in 1999.
YouGov will make an initial payment of £800,000 and a deferred payment of up to £400,000 payable over three years. The acquisition, made via the 78% owned subsidiary YouGov ME FZ LLC, is expected to be earnings enhancing in the first full year of ownership. Siraj had unaudited profits for the 9 month period to 30 June 2006 of £65,000.
YouGov was founded in 2000 and floated on the London Stock Exchange (LSE) in May last year. It is online at www.yougov.com . Siraj is online at www.sirajsbo.com .
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