MUMBAI: Market research company Synovate has signed an agreement to acquire a majority stake in the independent market research agency COMCON in Russia.
With this, Synovate becomes Russia‘s second largest research firm.
Synovate said in a statement that in the coming months, the management, operations and research capabilities of both the companies in Russia will be integrated into a single Synovate branded business.
Established in 1991, COMCON is among the four biggest research companies in Russia with offices in Moscow and St Petersburg. The business, which is currently wholly owned by COMCON management, has custom and syndicated research capabilities and an established customer base in a number of key industry sectors, including healthcare, FMCG, financial services and media.
Synovate Global CEO Robert Philpott said, "The acquisition of COMCON will make Synovate the leading market research company in Russia, with increased scale and resources, a wider range of management expertise and a more diverse client base."
Philpott also said that the combination of COMCON‘s Russian business and Synovate‘s existing Russian operation creates an opportunity for them to be number one in the Russian market.
"Looking ahead, our significantly broader footprint in Russia will enable us to assist domestic clients to expand internationally and to support global clients in gaining access to the Russian market. This transaction therefore consolidates Synovate‘s position as a leading market research provider within the Eastern European region," he added.
COMCON general director and founder Elena Koneva will become managing director of the new combined business with immediate effect.
Koneva said, "We have many complementary features, including our staff, services, methodologies and client sectors. This will be an exciting opportunity for us, becoming part of a leading global company and integrating the best of what we already have - great clients, great people and a great culture."
The current managing director of Synovate Russia Panicos Ioannides will assist Koneva in her new role.
"We will integrate the business to create an even stronger team and ensuring our people is recognised as our most valuable business resource", Koneva said.
