The first MR agency to be listed on the Bombay Stock Exchange, Majestic Research Services and Solutions Ltd has acquired 100% stake in Singapore-based market research company Market Probe Asia Pacific Pte Ltd from its US parent – Market Probe Inc. in an all cash deal.
Explaining the rationale behind the acquisition, Raj Sharma, Chairman, MRSS India said, “We had three criteria set for strategic acquisition that are captive client base, specialized capability and geographical reach. The Market Probe Asia acquisition acts as a gateway to ASIA specifically growth markets such as Indonesia, Thailand and Vietnam.”
Market Probe Asia is a full service research agency with full time staff strength of approximately 50 and has over 800 projects under its belt across public, private and government sectors. It is one of the select few market research firms licensed to undertake Singapore government projects valued at SGD 10 million. The agency has completed 15 years of business excellence in Singapore.
Speaking on the deal, Dr T.R. Rao, Chairman of Market Probe Inc said, ““The intrinsic nature of the ‘Market Research’ industry is to scale by inorganic growth. MRSS, albeit a disruptor, is on the right track by eyeing acquisitions as an important component of their growth strategy. I am delighted that I am handing over the reins of a very critical part of Market Probe to MRSS who has grand plans of taking it to next level.”
Sarang Panchal CEO, MRSS, said, “The opportunity for a turnaround are immense via MRSS as we not only will look at converting a traditional market research firm to a Digital Insights Agency but also will re-orient the customer focus that the agency so far had. Of course, there is always the added advantage of cost restructuring to improve the margins.”