Ovum acquires Summit Strategies

UK consultancy Ovum has acquired US-based IT research firm Summit Strategies for $1.2 million.

The take-over is Ovum's first since its IPO in March this year and follows the company's strategy to expand via acquisitions.

Ovum CEO Chris Dines said the Boston firm focuses on disruptive changes affecting IT vendor strategies, which will fill a gap in the utility computing area.

"This acquisition is in line with our stated strategy of mixed organic and inorganic growth. Summit Strategies brings to us expertise and products in an important and growing area of the IT market. It allows us to develop a stronger relationship with blue-chip IT vendor customers and further strengthens our position in the US market," Dines said.

The deal, set to close on June 30 this year, will retain all of Summit Strategies' analysts and is expected to profit in the next financial year once integration of the business has finished.