The Reputation Institute has acquired Canadian media analytics firm Cormex Research, the first in what Reputation Institute CEO Kylie Wright-Ford said will be several acquisitions.
Wright-Ford said she began discussing the deal with Cormex a few months before issuing a formal offer in January. She declined to disclose financial details of the deal, which was signed on Friday.
The Cormex brand will be dissolved. Its president, Andrew Laing, will transition to SVP of the Reputation Institute’s Media RepTrak reputation analytics platform in the Americas, responsible for product development and introducing RepTrak to North American companies.
The deal will not cause staff reductions, Wright-Ford said, and Cormex’s offerings to its existing clients will be fulfilled. Cormex’s clients have included Bank of Montreal, Sunlife Financial, University of Toronto, Rogers Communications, KPMG Canada and Canadian government departments.
Wright-Ford said Laing "wanted to close loop between public opinion and research, and the cultures of the two companies are highly aligned."
She added that Cormex’s experience in banking and financial services measurement was a factor in the deal.
"Cormex does this wonderfully deep banking and financial services survey that has been in the market for 20 years and is widely regarded as one of the best and deepest analyses in the sector," she said. "More than 20% of our clients are in financial services."
Wright-Ford added that the deal is part of a larger growth initiative for the Reputation Institute that should result in more acquisitions this year, most likely in Q4.
"We have a couple of very active conversations going on in both Europe and the U.S.," she said, "which are part of our strategic plan to buy, build or partner for new capabilities where it makes sense and where other players haven’t built out shared services."