Toluna, the French online market research firm, is to acquire the majority of the assets of the Internet Survey Solutions division of Microsoft's Greenfield Online for $40m (£24.3m). Toluna is also raising £28m before expenses through a share placing and subscriptions.
According to Toluna, the acquisition will make it the largest global supplier of online market research data and give it a market share of 11%.
An initial agreement was signed today (June 26), while the deal is scheduled to complete on July 13. The integration of the two companies begins with immediate effect.
The acquisition will extend Toluna's international reach beyond Europe and into North America, where Greenfield is based.
The merged operation will be headquartered in Paris (France) and Wilton in Connecticut.
Integration of the companies is expected to save the combined company millions of dollars.
Belgium-based private equity group Verlinvest has invested in the merged operation, including acquiring shares from Eurovestech -- Toluna's largest shareholder. The firm now owns a 13.4% holding in Toluna.
Verlinvest CEO Frederic de Mevius will become a director of Toluna and the latter's board will propose to re-elect him at its next AGM.
Frederic-Charles Petit, Toluna chief executive, said: "This is a great step for ToLuna both from a strategic and corporate standpoint as we expand our reach and our shareholder base.
"[The deal] enables Toluna to fundamentally improve the stability of supply of online samples to the market research industry.
"We are also pleased to be expanding our shareholder base and welcoming Verlinvest as a long term strategic shareholder which brings its expertise and network to the group."
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