United Business Media announced that it has acquired Pyramid Research from its shareholders on behalf of its TechWeb business for a total cash consideration of $8 million. Pyramid's services are highly complementary to those of Heavy Reading, TechWeb's existing telecoms industry market research unit.

From a pure research perspective, the Pyramid and Heavy Reading combination is very complementary, according to Dennis Mendyk, Managing Director of Heavy Reading. "Pyramid's 'bottom-up' methodology will complement and deepen Heavy Reading's existing 'top down' research analysis business, provide growth opportunities and expand the group's international presence. Additionally, Heavy Reading's US-based customers will now have a greater opportunity to access to Pyramid's research and to its team of strategic analysts."

Pyramid Research is a leading provider of subscription market information, analysis and forecasting services to the global telecom industry. Pyramid bases its services on its proprietary “bottom up” quantitative data drawn from around 70 national markets worldwide. These services are subscribed for by telecoms network infrastructure providers (carriers) and telecoms technology suppliers, particularly those in emerging markets; more than two thirds of Pyramid’s sales are made outside the US.

Heavy Reading’s “top down” technology and business strategy analysis and advisory services are based on detailed interviews with vendors and carriers. With more than two thirds of its revenue being generated beyond the US, Pyramid is also well-placed to benefit from the anticipated growth in worldwide telecoms markets as well as providing an ideal platform for the internationalisation of the Heavy Reading product portfolio.

Pyramid Research employs almost 50 staff at its headquarters in Cambridge, MA and has offices in London, Hong Kong, Miami and Seattle. Pyramid’s 2007 revenues were approximately $7.6m. The acquisition is anticipated to meet UBM's 8% post-tax cost of capital acquisition criterion in its first full year of ownership.

The acquisition is subject to Transfer of Undertakings (Protection of Employment) Regulations (TUPE) consultation. The transaction is expected to close within the next few weeks, following completion of the consultation process.

Tony Uphoff, Chief Executive of TechWeb said, “This is a great acquisition for us. Pyramid provides a valuable set of data-based subscription products that is extremely complementary to our existing telecom industry intelligence products from our Heavy Reading business. The addition of Pyramid will accelerate our growth in the telecom industry research area, broadening Heavy Reading’s reach beyond its core US markets into growth areas such as EMEA and Latin America.”

Find more information on TechWeb online at http://techweb.com/aboutus, and on UBM online at www.unitedbusinessmedia.com.

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