The firm will be folded into Huntsworth Health, which includes eight medical education, brand research, PR, and interactive firms with a healthcare focus, but will retain its name and identity. Huntsworth Health makes up 27% of group revenues for Huntsworth.
“The group expects to meet management's profit expectations in the first half of this year,” said Sally Withey, group COO for Huntsworth, in a statement, “and with 86% of forecast revenues committed for 2009, we remain confident in respect of our full year result.”
The three founders of Tonic, including Scott Clark, CEO; Oliver Parsons, group MD; and Moira Gitsham, director, as well as Neil Flash, MD of Tonic London, will make up the board that will report to David Rowley, group CEO of Huntsworth Health.
Clark said that Huntsworth Health's digital and research capabilities were two reasons for the acquisition, which he sees as a way to grow the Tonic brand and business.
"More and more of our clients are becoming interested in market research and insights to help drive communications plans," he told PRWeek. "Being part of Huntsworth will certainly enable us to do that."
Tonic clients include Johnson & Johnson, GlaxoSmithKline, Roche, Nestle, Heinz, Welch's, and Procter & Gamble. It was founded in 2004. None of the firm's 42 employees were cut in the acquisition, said Clark.
Updated July 13, 2009, 5:09pm