LONDON: 1st September, 2021: Fast growing ‘ResTech’ company WALR is marking its first-year anniversary with the acquisition of technology business QuenchTec.
WALR, launched in lockdown last year by co-founders Lewis Reeves, formerly of VIGA (now Savanta), and Patrick Fraser, formerly Ipsos Mori and Critical Research, has seen a debut year of stellar growth, helping pave the way for this first acquisition.
The combined business, whose technology enables all aspects of the data collection process for insight professionals, will have an initial headcount of around 30 staff in six markets with key bases in the UK, USA and Europe. All QuenchTec staff will transfer with the deal, ensuring a seamless continuation of service for clients. Former QuenchTec chairman Dietmar Walter will continue to advise the business.
The acquisition brings together the exceptional service that is the WALR trademark with great technology and is the next step in WALR’s ambitious growth plans. Its expanded and fully integrated offering will be officially launched in early 2022.
Already one of the fastest growing new entrants into the ResTech market, WALR’s business rationale is to focus on driving success for clients with customised solutions to meet their every need. This frees clients to spend less time on data management processes and more time on discovering and applying game-changing business insights.
Lewis Reeves, CEO WALR, said: “We are extremely excited by the rapid evolution of the ResTech market. The bringing together of WALR and QuenchTec provides us with a great opportunity to continue innovating and providing clients with the very best solutions to enable them to focus on what makes them so successful.
“I’m thrilled to welcome the full QuenchTec team, excited about what we can build together and the role we can play in guiding our clients’ success in the ever-developing ResTech arena.”
Simon Vaarning, CTO, QuenchTec, said: “Joining WALR marks the beginning of an exciting new chapter for QuenchTec. This deal is exciting for our employees as well as for all our clients. Our combined technology and market research expertise will allow us to bring a wider range of insights solutions to our clients and puts us in a strong position to address the significant growth and rapid change in our industry.”
Andrew Tzialli of Phillip Lee advised on the acquisition which was a cash deal.