New York – Forrester Research, Inc. acquired Springboard Research, a Singapore-based provider of IT industry research focused on Asia Pacific and emerging markets. Forrester paid $9 million cash less certain holdbacks and earn-outs, representing a multiple of around 1.6x revenues.
The rationale for the acquisition is to expand Forrester’s coverage of Asian markets. Springboard Research has 48 employees, including 36 research professionals, all of which will join Forrester. Besides Singapore, the firm has offices in New Delhi and Beijing.
On a call discussing the acquisition, Forrester management said Springboard revenues are around $3 million for ‘a little over a half year’, putting full year revenues around $5.5 and 6 million.