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SOFTWARE INDUSTRY NEWS |
Gartner acquires Burton Group for $56 million |
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Information technology research firm Gartner has announced that just ahead of the new year, on December 30, 2009, it acquired Burton Group, Inc. for approximately $56 million in cash. Burton Group is a research and advisory services firm for front-line IT professionals that has around 41 research analysts, 40 sales and client service associates, and projected 2009 revenue of $30 million, Gartner said in a statement. It said the acquisition would expand Gartner's product and service offerings and increase its IT research market opportunity, in addition to operational efficiencies and cost savings. Gene Hall, Gartner's chief executive officer, said while his firm focused on strategic insight to CIOs and senior IT executives, Burton Group operated in a niche that disseminated practical, how-to advice to front-line IT professionals. Consequently, he said, it was a “great strategic fit” for Gartner, one that would enable it to offer a more complete solution to every level and functional expert within an IT organization. Jamie Lewis, Burton Group’s chief executive officer said he was excited about opportunities for accelerated growth that his company would have as part of Gartner, including reaching out to a much broader set of clients “with the most complete set of IT research and advisory services available.” Gartner financed the acquisition through the use of cash on hand and borrowings under its existing line of credit. It expects the acquisition to be accretive to its revenue, earnings and cash flow over time, and said that on a reported GAAP basis, the transaction would dilute income per share by ($0.12) – ($0.10) in 2010, while being accretive to income per share by at least $0.00 – $0.03 in 2011. Excluding estimated acquisition and integration related charges, Gartner said the transaction would be modestly accretive to income per share in 2010 and add at least $0.04 – $0.06 to income per share in 2011. |
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