Synovate, one of the world’s largest market research companies, is acquiring a majority stake in COMCON. Synovate’s existing Russian business and COMCON, Russia’s leading independent market research agency, will combine their capabilities and resources to leverage Synovate’s global reach and establish the leading market research player in Russia.
COMCON, established in 1991, is among the four biggest research companies in Russia with offices in Moscow and St Petersburg. The business, which is currently wholly owned by COMCON management, has significant custom and syndicated research capabilities and a high quality established customer base in a number of key industry sectors, including healthcare, FMCG, financial services and media.
Robert Philpott, Global CEO for Synovate, who announced the deal while in Moscow and welcomed COMCON to Synovate, said: “The acquisition of COMCON will make Synovate the leading market research company in Russia, with increased scale and resources, a wider range of management expertise and a more diverse client base. Our goal for the integrated business is to be number one in the Russian market – the combination of COMCON’s well-established Russian business and Synovate’s existing Russian operation creates that opportunity. Looking ahead, our significantly broader footprint in Russia will enable us to assist domestic clients to expand internationally and to support global clients in gaining access to the Russian market. This transaction therefore consolidates Synovate’s position as a leading market research provider within the Eastern European region.”
Over the coming months, the management, operations and research capabilities of both companies in Russia will be integrated into a single Synovate branded business.
Elena Koneva, General Director and Founder of COMCON, will become Managing Director of the new combined business with immediate effect. Oleg Feldman, founder of COMCON-Pharma, will continue to lead the healthcare business. Koneva has led COMCON since the company was founded in 1991, driving its performance, including through tough economic conditions in recent years. She is known as one of Russia’s most successful leaders in the industry.
Koneva said: “COMCON and Synovate represent a great fit. We have many complementary features, including our staff, services, methodologies and client sectors. This will be an exciting opportunity for us, becoming part of a leading global company and integrating the best of what we already have – great clients, great people and a great culture. We will integrate the business to create an even stronger team and ensuring our people are recognised as our most valuable business resource.”
The current Managing Director of Synovate Russia Panicos Ioannides will assist Koneva in her new role as Managing Director of the combined businesses and in the integration process over the coming months.