We at Technomic spent the last day of August calling clients to break the big news that the world would learn the next day: Our company was being acquired by Winsight (formerly CSP Business Media). Most of them thought the deal was a stroke of genius. And when we compared notes with Winsight CEO Mike Wood later in the week, he reported the same level of enthusiasm from his company’s clients.
It’s called “synergy,” and sometimes expressed mathematically as 1 + 1 = 3 (or more). We’ve been hearing about synergy a lot in our industry lately (for instance, Burger King’s acquisition of Canada’s Tim Hortons chain last year gave it an international foothold as well as entry into the competitive breakfast marketplace).
Here’s why 1 + 1 = 3 in our case: Winsight and Technomic together can serve the foodservice and retail industries better than either of us could alone. Technomic’s core competency in data-driven insights and consulting—built on databases and programs like the Digital Resource Library, MenuMonitor, Consumer Brand Metrics and many more—gives Winsight market intelligence resources and credibility it never had before. But we can also realize synergies in areas where offerings overlap. Technomic’s many specialized editorial products (like this newsletter) complement Winsight’s trade magazines (Restaurant Business, FoodService Director, CSP and Convenience Store Products). And our small, exclusive seminars (Foodservice Planning Program, the Trends & Directions series, Foodservice 101 and others) are an excellent complement to Winsight’s larger, more comprehensive conferences (Restaurant Leadership Conference, FARE, FSTec and others).
We’ll still be Technomic, serving as Winsight’s information and advisory services platform. Fellow executive VPs Bob Goldin and Gary Karp and I will continue to oversee Technomic operations. And yes, we’re staying in Chicago (our new parent resides just a few miles away in suburban Oak Brook, IL).
AS I SEE IT, there are sure to be exciting changes ahead. We’re eagerly looking forward to this new era—with one exception. It’s hard to say farewell to Technomic owner and CEO Ron Paul, who founded our company almost half a century ago. Over the years, he built a formidable reputation as an industry thought leader, able to spot trends on the horizon before anyone else could and always able to back up forecasts with rock-solid data. Ron has also been a tremendous mentor and role model for Technomic staff members over the years. We’ll miss you, Ron and Georgeann—and with the help and expertise of our new parent, Winsight, we promise to honor you by building something even better on the foundation you forged.
Note: This content originally appeared in the September 2015 issue of Technomic’s Foodservice Digest newsletter