Richard Holway Ltd (RHL), one of the UK's most respected IT analyst firms, has been acquired by Ovum, the largest independent UK analyst, in a part-share, part-cash deal.
Ovum, which currently has revenues of £20m, predicts that it will reach £30m next year following the acquisition, with profit of £3m to £4m. Ovum grew by 50 per cent last year; RHL by 40 per cent.
RHL has a claimed 600 blue-chip clients for its market analysis of software and IT services companies. Its publications include the annual Holway Report and monthly Systems House newsletter, plus sundry sector-specific studies including next month's Ebusiness Services Report, which is reported on here.
Managing director Richard Holway becomes a non-executive director of Ovum's supervisory board and will also act as a consultant.
Julian Hewett, chief executive of Ovum, said: "This deal will take us into the area of financial analysis and IT services.
"Richard and his highly respected team are the UK's most respected analysts and we will be applying the company's financial analysis expertise to the global sectors we cover - telecoms, new media and packaged software markets - as well as extending his international coverage of the IT services market."
Richard Holway told readers of his Hotnews daily web-based news service: "We not only think our reputation is second to none but, in particular, believe that our calling of the markets in the last few years has been spot on even though most [people] criticised our forecasts at the time.
"But there comes a time, and we have said this before many times to other companies we have advised, when you have personally taken a company as far as you can. Ovum will allow us to extend our coverage geographically and into the financial analysis of the other areas that Ovum researches so well."
Ovum said it is planning an initial public offering in either 2002 or 2003.
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