Synnovate, market research business of Aegis Group, has agreed to acquire a 51% stake in Russian market research company COMCON. As part of the deal, Synnovate will combine its Russian business with COMCON. According to newspaper Kommersant, the company was valued at ca. $10 million. That would imply a deal value of some $5 million. In addition, Synnovate will have an option to increase its stake in COMCON to 100% in 2015.
Founded in 1991, COMCON generated revenue of some $19 million in 2009. The company has more than 200 employees in Moscow and St. Petersburg offices. COMCON is owned by the founders Elena Koneva and Evgeniy Bannikov. The Russian business of Synnovate, which has some 100 employees, had revenue of ca. $10 million in 2009.
In June 2008, Aegis acquired Russian digital marketing agency AdWatch.