Dublin-based media intelligence group MediaMarket has been acquired by Taylor Nelson Sofres (TNS), the world's second-biggest market research company. Ciarán Hancock, Business Affairs Correspondent, reports.
MediaMarket was founded in 2002 by Michael Farrelly (37) and employs 56 staff in offices in Dublin and Belfast. Mr Farrelly will remain with the business as managing director.
In a statement issued yesterday, Mr Farrelly said: "Being a part of TNS will strengthen our leading position and offer us new development prospects."
Mr Farrelly previously held positions with advertising agencies McCann-Erickson and McConnells and with Esat Telecom.
MediaMarket provides media monitoring, measurement and analysis services to leading businesses here. Its clients include Bank of Ireland, Ulster Bank, Vodafone, BT and Diageo.
Its latest accounts, under the name Mediawatch Ltd, show that it had shareholder funds of €3.1 million at the end of 2006. The accounts also state that it owned a company called Abelstown Equestrian Lodges Ltd in Co Meath.
It is not clear if this business forms part of the sale.
In a statement, TNS chief executive David Lowden said: "MediaMarket is an excellent company with an outstanding position in the Irish market.
"Having access to TNS's international network and expertise will enable the company to offer new and added-value solutions to its clients."
