Forrester Buys JupiterResearch

Forrester Research acquired smaller rival JupiterResearch LLC for $23M, and posted a strong 2nd-Q profit as it benefited from growth in its core research services segment. Shares of Forrester, which also raised its 2008 revenue forecast, rose as much as 5% to a 52-week high of $35.22. However, it cut the upper end of its pro forma earnings outlook range for the year. Forrester bought JupiterResearch and parent company, JUPR Holdings Inc, from investment company MCG Capital Corp MCGC.O for $23M in cash, and assumed liabilities. Both Forrester and JupiterResearch provide technology-focused market research and consulting services. JupiterResearch, headquartered in NY, has 83 employees and posted revenue of $14M in 2007.