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Traditional Media Company Buys Digital DNA
Questex Media (Travel Agent, Home Based Travel Agent) has acquired FierceMarkets, producer of 19 e-newsletters and related events. Terms of the deal were not disclosed. The Jordan, Edmiston Group, Inc. acted as FierceMarkets' financial advisor in the transaction.
FierceMarkets will continue to operate as an independent entity within Questex. FierceMarkets president Jeff Giesea will remain in his post.
"We're going to continue executing our aggressive growth plans. For the time being, it's business as usual at FierceMarkets," says Giesea. For instance, Questex's strong telecom presence in Asia could help FierceWireless expand its circulation overseas. "Many of our telecom advertisers want to reach folks in Asia and Europe."
Questex also has a strong presence in industries that FierceMarkets has not yet entered, like the travel agent industry, for instance.
"We expect that this will create value in two ways. First, by expanding Questex's global footprint in markets we both cover, like Telecom. Second, by applying our model to other Questex verticals and accelerating their digital growth," says Giesea.
On the flip side, Questex is excited about FierceMarkets not only because of its strong revenue and profit growth over five years, but also because the company brings "Fierce" e-media DNA to Questex.
"From a digital DNA perspective, we're bringing in a group of people that we can integrate into our company, and...