Burton Group, a research firm specializing in IT, has been acquired by competitor Gartner today in a major research consolidation move.
Burton Group CEO Jamie Lewis released the following statement on the firm's Web site:
Burton Group's focus on pragmatic, in-depth IT research, consulting and events will be a valuable and significant complement to the current Gartner portfolio. The addition of Gartner resources and global organization will enrich current Burton Group offerings and allow our clients access to the most comprehensive suite of information technology advisory available.
The Wall Street Journal reports that the deal was made on Dec. 30 for about $56 million, but it is only now being announced.
Gartner CEO Gene Hall said of the acquisition, "Burton Group is a great strategic fit for Gartner and should enable us to offer a more complete solution to every level and functional expert within an IT organization."
TechCrunch adds that Gartner "financed the acquisition through the use of cash on hand and borrowings under its existing line of credit."
A press release from Gartner on the acquisition can be found here.