Data collection specialist Panelbase has become part of Norwegian market research operator Norstat.
The undisclosed deal is said to strengthen Norstat's presence in Western Europe and will see Panelbase's Paul Wealleans become managing director of Norstat 海角视频 & Ireland. From its Hexham headquarters, Panelbase runs panels on which thousands of members are offered cash rewards for taking part in surveys.
In an announcement of the acquisition, Norstat, which is backed by private equity investor Triton Partners, said the integration of Panelbase created a " robust platform for organic growth in Europe's largest market for market research". Following the deal, 370,000 panel members from Panelbase will join Norstat's 海角视频 consumer panel.
Read more: Regional investment agency NGI helps create more than 1,300 jobs in year of activities
Erling J.B. Eriksen, CEO of Norstat: "We are thrilled to finalise the acquisition of Panelbase, which marks a key step in our journey to become the leading data collection company in the 海角视频 and Ireland. The 海角视频 and Irish markets are of strategic importance to us, and Panelbase’s impressive expertise and market standing align perfectly with our growth strategy. I am delighted that Paul Wealleans will stay on as Managing Director of Norstat 海角视频 & Ireland. Together, we are committed to delivering exceptional value to our clients."
Paul Wealleans said: "I am truly excited about Panelbase and Norstat joining forces. We have a mutual commitment to provide high-quality data for critical decision-making to our clients. This is a very exciting step for Panelbase and through joining Norstat we become part of a significant European player within data collection which will benefit our valued clients and dedicated employees."
John Raglan and Fiona Raglan, founders of Panelbase, said: "As the founders of Panelbase, we are extremely pleased with the outcome of this transaction. We are proud of what we have built and the combination of Panelbase with Norstat will form a significant European player within data collection, which will benefit both Panelbase clients and employees. We look forward to seeing the continued growth of the business under Paul’s leadership and wish the business all the best for the future."
Panelbase shareholders were advised by Sahil Nayyar and Shawn Bone of Cavu Corporate Finance, received legal guidance from Charlie Fielding, corporate partner at Square One Law and financial advice from Detlev Andersen of Kinnair Associates.
Most Read
Sahil Nayyar said: "We are delighted to have advised on this significant transaction and to have delivered an excellent result for the shareholders. Panelbase is one of the largest data collection providers in the 海角视频, and this strategic acquisition by Norstat will create a leading European operator in the market.”
Charlie Fielding of Square One Law said: “We have enjoyed working with Panelbase and its management team over the last few years and it’s been a pleasure to have now supported the shareholders on the successful sale. As Panelbase joins forces with Norstat, it will be exciting to see what is achieved in the future as they build on the strong foundation of innovation that both companies possess."