IT researcher Gartner Inc. will pay about $162 million to acquire Meta Group Inc., which also does IT research as well as consulting, Gartner announced today.
Boards of both companies have unanimously approved the deal, which Gartner will pay for using cash and taking loans on its existing line of credit, said the Stamford, Conn.-based company. The acquisition is expected to be final in the second quarter of 2005.
Gartner had $858 million in revenue last year and has 76 global locations, while Meta Group, also in Stamford, had $122 million in revenue and has 52 locations. Gartner does not forecast the deal to have a material effect on its 2005 operating results apart from charges related to integrating Meta Group into its business.
The companies have complementary business models, so it should be easy to integrate Meta Group's work into Gartner, said Gartner CEO Gene Hall in a statement. The deal presents an "exciting opportunity that will give us increased depth in key sectors, geographies and markets," he said, calling Meta Group's sales team "well-trained" and "successful."