We are delighted to report that The Economist Group, through the EIU, has acquired Canback & Company effective July 15, 2015. We will operate as a largely independent unit called EIU Canback. It has taken more than a year of discussions and negotiations, but now the acquisition is official. We found that the Economist Intelligence Unit and Canback & Company complement each other almost perfectly, while there are also major synergies on the client and infrastructure sides.
From a Canback perspective, we see a number of intriguing opportunities:
- The EIU has an unparalleled global reach and convening power which, when tapped into in a professional manner, will allow us to continue to grow
- The Canback Global Income Distribution Database (C-GIDD) fits perfectly into the EIU’s data services business from a sales perspective
- The EIU has an established office infrastructure in Europe and Asia that would take us years to build. In particular, we hope to increase our presence in Europe through the Economist’s Canary Wharf office, and in Asia through their Singapore, Hong Kong, and China offices
- The EIU has a sales model that we believe can be leveraged in our consulting activities
- The Economist and EIU are powerful brand names that will help us in our recruiting efforts
We will operate as a largely independent business unit within the EIU. There will be no significant changes in our client service model and we’ll continue to serve our clients with the same team of consultants and experts. Staffan Canback remains Managing Director and Jesse Logan remains Vice President. They join the new board chaired by Robin Bew, head of the EIU. Our goal is to continue delivering superior client service and to continue to grow profitably.
There are many other aspects of the deal, and the above points are just some of the benefits seen through Canback’s lens. For more on the deal, including the EIU’s perspective, please read this press release.
Our legal advisor was Seyfarth Shaw (press release) and our accounting advisor was Abbott & Associates. We thank them for the hard work and excellent advice.