Retail Eyes, the UK-based customer experience improvement agency, has been acquired by US-based Market Force Information, the world’s leading customer intelligence solutions company, for an undisclosed sum.
Under the terms of the deal the Milton Keynes-based Retail Eyes will become the European Centre of Excellence for Customer Intelligence, with the expected revenue of the expanded company set to exceed more than $70m (£45m) in the next financial year.
Retail Eyes, which was founded in 2003 by Tim Ogle, reported a turnover of £9.6m for the year to the end of March 2011. It currently works with over 100 of the UK’s leading retailers, brands and leisure & hospitality, including Compass Group, Domino’s Pizza, JD Wetherspoon, Nandos and Subway, undertaking around 240,000 mystery visits a year (20,000 per month) throughout the region.
The company said the new deal would enable it to focus on both sustaining growth in the UK and develop the business in European markets.
Chief executive Ogle said: “I am delighted that our business will become a part of Market Force. It will be the springboard for even more growth for us. We have achieved fantastic results since we launched in 2003. In the last year alone - and despite challenging economic conditions - we achieved 46% growth with a turnover of £9.6m. Market Force’s experience and support will give us the financial and experiential resources needed to grow the business further, both here in the UK, as well as throughout Europe.”
The acquisition of Retail Eyes adds more than 100 world-class clients to Market Force’s portfolio and will double the number of mystery shoppers and retail auditors in the company’s network to over 600,000 across Europe and the Americas.
Karl Maier, Market Force’s chief executive, said: “As the world becomes increasingly global, our customers need to drive consistent performance across every store, whether in New York, London, Toronto or Berlin. There is no question that Retail Eyes has the most sophisticated customer intelligence business in the UK, with a rapidly growing European practice. This acquisition will enable us to serve our multi-national clients, as well as extend our services to new markets that have huge potential for growth.”
Ogle added: “The market for customer intelligence solutions is just beginning to explode in the UK and Europe, and we want to be at the forefront. We already have some of the most highly valued brands in the UK as clients. They appreciate how getting the customer experience right with every visit drives their success.”
