B2B media company Ascential has sold its MENA business intelligence arm MEED Media to business media and insight group GlobalData for $17.5m.
MEED provides Middle East business intelligence including news, insight & analysis, data on tenders and contracts awarded, plus projects and events. A Projects division provides a project tracking database, while the MEED Insight division offers tailored research and in-depth analysis. GlobalData (previously known as Progressive Digital Media) says the acquisition supports its strategy of expanding its subscription-based services into global markets.
Commenting on the deal, Executive Chairman Bernard Cragg (pictured) said: ‘MEED gives the group the opportunity to further expand into a key region and adds an additional industry vertical to our offering whilst maintaining our disciplined investment criteria of premium proprietary content and strong renewable subscription-based revenues. I would like to take this opportunity to welcome our new colleagues to the group and wish them every success for the future within GlobalData’.