FIND/SVP Buys TeltechFIND/SVP Inc., a provider of business advisory, research and consulting services, yesterday announced the signing of an agreement to buy Teltech, an information management division of British software firm Sopheon PLC.
Like Minneapolis-based FIND/SVP, Teltech provides custom research and information services. It focuses on the research and development and the engineering departments of larger corporations, while FIND/SVP eyes the marketing-related functions of its client base.
Teltech also creates information portals for clients to access its services through their desktops. About 25 percent of its revenue comes from outsourced corporate library service engagements with companies like Novellus, Cabot, Armstrong Industries, Alticor and GE.
FIND/SVP will pay $3 million for Teltech through equity, debt and cash at hand, as well as a contingent earn-out payment of up to $400,000. The transaction will close before July 15.
Teltech is FIND/SVP's second buy in three months. The company April 1 bought Guideline Research Corp., another provider of custom market research.