synovate
{{Short description|Former market research company}}
{{Infobox company
|name = Synovate
|logo = Ipsos Synovate logo.jpg
|logo_size = 220
|logo_caption = Used during the merger transition period in 2011–2012
|type = Subsidiary
|location = London, UK
|key_people = Adrian Chedore, Robert Philpott, CEO
|industry = Market research
|services = Management consulting, business intelligence, market analysis
|revenue = {{profit}}US$816 million (Synovate Inc., 2009)[https://web.archive.org/web/20051023005354/http://www.synovate.com/about/ About Synovate]
|num_employees = 5,968 (Synovate Inc., 2009)
|parent = Ipsos
}}
Synovate was a market research company with more than 100 offices in 62 countries.Aegis annual report 2010 It was acquired by Ipsos in 2011 which combined to be the third largest in the world.Ipsos annual report 2010 section 1.2.2, page 16
Company history
Synovate was one of the largest firms specializing in custom research (customized ad hoc research). They called themselves the most "curious" people in the world. Divisions included Synovate Healthcare, Synovate Business Consulting, Synovate Customer Experience, Synovate Censydiam and Motoresearch.{{Citation needed|date=January 2020}}
Synovate was owned by the Aegis Group. It was formed from the acquisition of a number of market research firms such as Blackstone, Market Facts, Censydiam, ISIS Research, Tribi, Symmetrics, Proactive Insights, and AMI.{{in lang|nl}} [http://www.customertalk.nl/nieuws/id5030-marktonderzoeksbureau-synovate-gekocht-door-ipsos.html "Marktonderzoeksbureau Synovate gekocht door Ipsos"], customertalk.nl (13 October 2011)
Synovate was sold by the Aegis to Ipsos on 11 October 2011 for £525 million (€595 million)Robert Bain [http://www.research-live.com/features/ipsos-must-protect-synovate%E2%80%99s-%E2%80%98golden-nuggets%E2%80%99/4005733.article "Ipsos must protect Synovate’s ‘golden nuggets’"], research-live.com (2 August 2011){{Cite web |last=Bradshaw |first=Tim |date=2011-07-27 |title=Aegis agrees £525m sale of Synovate to Ipsos |url=https://www.ft.com/content/06b3785e-b81b-11e0-8d23-00144feabdc0 |url-access=subscription |access-date=2018-06-20 |website=Financial Times |language=en-GB}} The combination of the 5th and 6th largest market research companies formed the 3rd largest market research company in the world with offices in 84 countries.Ipsos Annual Report 2011 Section 4.4 page 12, the year immediately after the merger Ipsos announced the agreement on 27 July 2011, and financed the acquisition through a new debt financing of €250 million.Ipsos press release on 27 July 2011 in Paris Synovate was fully integrated into Ipsos early in 2012.[http://www.ipsos-nederland.nl/content.asp?targetid=334 "Ipsos Synovate"], ipsos-nederland.nl
Aftermaths
Following the sale of Synovate, Aegis became a scaled media and digital communications specialist. It returned £200 million to shareholders via a special dividend, sharply reducing net debt from £393 million (in the end of 1st half of 2011) to £128 million (in November 2011).Aegis annual report 2011 page 06, 10
Ipsos's post-merger revenue has declined every year since 2011. In 2013, Ipsos sued Aegis for £100 million compensation over deception on the sale of Synovate.[https://www.research-live.com/article/news/ipsos-wants-100m-back-from-aegis-over-synovate-sale--bloomberg/id/4010140 "Ipsos wants $100m back from Aegis over Synovate Sale – Bloomberg"] research-live.com The case was dismissed by the commercial court in 2015.[http://hsfnotes.com/litigation/2015/05/26/high-court-strikes-out-warranty-claim-due-to-shortcomings-in-claim-notice/ "High Court strikes out warranty claim due to shortcomings in claim notice"], hsfnotes.com[http://www.bonddickinson.com/insights/publications-and-briefings/high-court-analyses-material-adverse-event-clause "High Court analyses material adverse event clause"], bonddickinson.com[http://www.bailii.org/ew/cases/EWHC/Comm/2015/1171.html "IPSOS SA v Dentsu Aegis Network Ltd"] IPSOS SA v Dentsu Aegis Network Ltd, England and Wales High Court (Commercial Court) Decisions
Sales performance
| class="wikitable sortable" | |||
| scope="col" | Year
! scope="col" | Company ! scope="col" | Sales ! scope="col" | Year over year change | |||
|---|---|---|---|
| --> | |||
| 2009 | Synovate (pre-merger) | 816.4| | |
| 2010 | Synovate (pre-merger) | 884.8 | +8% |
| 2011 | Ipsos (year of merger) | 2,495.0 | +4%* |
| 2012 | Ipsos (post-merger) | 2,301.1| | |
| 8% | |||
| 2013 | Ipsos (post-merger) | 2,274.2| | |
| 1% | |||
| 2014 | Ipsos (post-merger) | 2,219.9| | |
| 2% |