A locally headquartered survey firm has expanded its reach with the $1 million acquisition of a division of an international company.
© Darren Brown
Michael Gaffney, CEO of In-Touch Survey Systems.
In-Touch Survey Systems Ltd. (TSX-V:INX) announced Tuesday it had purchased the field research division of NAVEX Global Inc., which provides site inspections that validate business legitimacy and prospective customer intent prior to the sale of personal data.
The news comes after In-Touch reported its eleventh straight quarter of profits and growth last November, and announcing its plans to keep an eye on promising companies to purchase.
It likely won’t be the last acquisition news heard from the local company this year, as In-Touch CEO Michael Gaffney said the firm is still on the lookout for opportunities.
“In-Touch is actively searching for fairly-priced, profitable companies with revenue in the range of two to five million dollars per year that fit with our mobile web data capture technology and existing lines of business,” he stated in a company release.
“The market for our targeted acquisition appears to be picking up and we would like to make one or two more acquisitions to the company in fiscal 2013.”
The purchase of the field research division of NAVEX Global is expected to add more than $2 million in annual revenues to In-Touch, according to the company. It also provides In-Touch with Fortune 1000 customers and allows entry into the legislated/regulated compliance market that In-Touch has been trying to access for several years, Mr. Gaffney stated.
In-Touch Insight Systems Inc., In-Touch Insight Corp. and MarketLine Research are all wholly owned subsidiaries of In-Touch Survey Systems. The company has offices in Ottawa, Oakville, Ont., Chicago and Fort Mill, S.C.
NAVEX Global is headquartered in Lake Oswego, Ore.