Progressive Digital Media Group plc has purchased technology expenditure intelligence service Kable from Guardian Media Group.
The Times today reports that Progressive paid less than £5m for the business, compared with the £13m GMG was said to have paid for it in 2007.
Progressive said in a statement: “PDMG, a content driven media company producing premium business information, is pleased to announce the acquisition of the business and assets of Kable, one of the UK’s leading providers of technology expenditure intelligence. Kable provides business information, tactical intelligence, research, analysis and consultancy to a number of the UK’s leading blue chip companies.
“The acquisition, which completed on 2 July 2012, is in line with PDMG’s stated strategy of growing its exposure to subscription based content revenue streams.
“The board is also pleased with the group’s performance to date and expects to report results for the
first six months of the year in line with expectations. These results are expected to be announced on 26 the July 2012.”
Press Gazette is also a Progressive Media title, though not part of the publicly-listed (plc) side of the business.