Technology-focused Forrester Research Inc. (NASDAQ:FORR) is forecasting a 2010 uptick and is
looking for acquisitions as it has "lots of cash." Last year, the firm
acquired research data provider JupiterResearch LLC, which focuses on Internet and emerging consumer technologies.
In a Reuters interview, chief financial officer Michael Doyle said that while he expects earnings to dip in the second half of the year, tech spending will rise next year, which should boost Forrester's performance. The Cambridge, Mass., company paid $23 million for Jupiter, but Doyle said it would be willing to pay more than that for an acquisition. They had some potential deals last quarter but felt the companies were overpriced.
In an
earnings call in April, Doyle said Forrester's first-quarter revenue increased 3% to $56.4 million from $55 million in the first quarter last year, with growth attributable to the Jupiter acquisition being offset by the adverse impact of foreign exchange rates.
Chairman and CEO George Colony said that "between a slowdown in hiring and the first quarter's reduction in force, Forrester is right sized for 2009's economic environment."
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Baz HiralalGo to Reuters interviewSee Forrester's first-quarter earnings
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