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Growth for ISG's Sourcing Firm
Information Services Group (ISG), the acquisition vehicle established last year by former VNU man Michael Connors, has announced solid nine month results for sourcing advisory firm TPI, its major buy to date.
ISG, which completed the acquisition of TPI two weeks ago today, also announced that the number of its outstanding common shares has been significantly reduced through its repurchase program as well as shareholder elections to convert shares for a prorated portion of ISG's trust account.
TPI reported revenues of $129.5 million for the first nine months of 2007, up $6.2m or 5% from the previous year, despite the conclusion in early 2006 of an unusually large $10.7m IT renegotiation for its largest client, which distorts figures and without which the revenue increase would be 15%. Net income for the first nine months of 2007 was up 43% to $5.6m, while EBITDA rose $2.6m or 23% to $13.8 million.
Connors says the announcements show the company is 'squarely on track to reach our objective to build a high-growth, industry-leading information services company... TPI's financial results are in line with our expectations with solid underlying top and bottom line growth.'
TPI, described as the largest sourcing advisory firm in the world, is on the web at www.tpi.net , while ISG can be found at www.informationsg.com.
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