Independent management consulting firm IQbusiness has acquired Genex Insights, the South African-based insights and market research company, as it ramps up an ambitious M&A strategy to compound its organic growth.
The acquisition is effective from March this year, although the integration of Genex Insights – which specialises in customer experience management, CX software, employee surveys and research – is still ongoing.
Genex will continue to operate independently as a wholly owned subsidiary of IQbusiness, with Tim Matthis remaining as CEO of Genex while Adam Craker, CEO of IQbusiness, oversees both companies.
Hailing the “exciting” acquisition, Craker says: “This acquisition has expanded the insights and customer experience capabilities IQbusiness offers to its clients by providing them with a deeper understanding of the customers they serve, the industry they are part of and the people they work with. Combining the Genex market research and insights platforms and services to those provided by IQbusiness allows us to deliver engaging and relevant customer experiences and take better products to market, faster.”
Craker says the acquisition was intended to “support our combined strategy as well as to enhance our growth potential, aligned to our purpose to grow people, grow business, grow Africa”.
Matthis – who has become an executive partner of IQbusiness – says: “Genex Insights has grown exponentially in the past 10 years. We recognised that to continue to fast track our growth and diversity plans, we needed to rely on a combination of organic and consolidatory growth by joining forces with pioneers like IQbusiness.
“By joining IQbusiness, we are able to fast track our growth into new services which naturally flow from our existing customer engagements. This takes our services beyond insights, and further empowers us to drive growth, service and product optimisation for our clients. The consolidation with such a trusted brand helps us to further accelerate our vision of becoming South Africa’s most trusted research partner.”
Craker welcomes Matthis to the team, saying that his expertise and vision will allow IQbusiness to expand as a customer experience management powerhouse.
“We are delighted that Tim has joined the IQbusiness Partnership as he is a pioneer in customer experience insights and research. We look forward to working with Tim to grow our business brand, reputation and services,” he says.