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Synovate pays $28m for Market Equity

PERTH’S biggest market research and marketing agency, Market Equity, has been bought by Synovate, a subsidiary of London-based Aegis Group plc, for a reported $28 million.Market Equity was established in 1992 and is now one of Australia’s largest full-service marketing and market research consultancies. It employs more than 70 full-time and 200 casual staff throughout offices in Perth, Sydney, Adelaide and Darwin. The company achieved revenues of approximately $14 million for the year ending June 30 2005.It is understood that the purchase price is composed of an initial conside-ration of $15.8 million and a deferred cash consideration, payable over three years, of up to $12.2 million subject to performance. Synovate had gone from having no presence in Australia a year ago to becoming a top-five firm with the addition of Market Equity on top of the acquisition of retail tracking company AZTEC Information Services in March this year. Market Equity founder Brent Stewart, who controlled 60 per cent of the firm, will remain chairman and chief executive of Market Equity.

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