Majestic Research Services buys 100% stake in part of Market Probe
BSE-SME listed 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 ofapproximately 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 have 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.”
Speaking on the synergies, Raj Sharma said, “The capabilities of Market Probe Asia are in sync with and salient to the clients that MRSS is currently servicing in India. The acquired company already has multiple government contracts that have been serviced for several years. This is the just the beginning of MRSS Asia which has been the vision for Majestic Research.”
Research methodologies currently practiced by Market Probe Asia include web surveys, face to face interviews, street intercept, dip stick polls, telephone interview, focus group discussion, in depth interviews, mystery shopping, traffic count among others. Saji Kumar,
MD of MP- SG added “Raj, Sandeep and Sarang are a great team and I look forward to working with them and take the clients, team and the agency to the next orbit with renewed dynamism and energy”