TAMPA, Fla. & WASHINGTON--(BUSINESS WIRE)--UTEK Corporation (NYSE Alternext:UTK) (LSE-AIM:UTK), a leading innovation services company, is pleased to announce it has completed the acquisition of Social Technologies Group, Inc. (Social Technologies), a leading strategic foresight company providing research and consulting services primarily to Global 1000 companies.
Founded in 1999, Social Technologies has offices in Washington, D.C., London, Tel-Aviv, and Shanghai. The firm has helped clients across a wide range of industries guide policy, shape business strategy, explore new markets, and develop new products and services. The firm helps organizations protect against unexpected risks, spot opportunities before competitors do, and ultimately prepare for the future from a far more informed, empowered perspective.
Social Technologies is frequently quoted and referenced in leading news publications for its analysis of future trends and markets. The company’s roster of active clients includes many of the leading names in business today, across a wide range of industries, among them: Motorola, PepsiCo, McDonalds, Shell, Honda, Kraft, Marriott, Nissan and Mars.
Tom Conger, Chief Executive Officer and Founder of Social Technologies stated, “We completed our highest revenue year in 2007 and are on track for an even better 2008. I am also pleased to report that last month we signed one of the largest contracts in our company’s history. On top of this good news, we see a terrific synergy between UTEK and Social Technologies and look forward to being part of their rapidly expanding, global team. Together, I believe that we will be able to provide clients a one-stop solution for innovation that begins with a broad understanding of how the future might unfold and ends with the acquisition of new technologies to enable our clients to grow their businesses with improved products and services.”
“With the completion of the acquisition of Social Technologies, UTEK has more than 110 employees in five countries dedicated to helping companies innovate more effectively. UTEK’s continuing goal is to address our clients’ desire to achieve rapid growth through enhanced innovation capabilities. We are enthusiastic about the acquisition of Social Technologies as we believe that it will provide additional value to our clients, enhance management depth and provide for an expanded base of global operations. In a difficult financial environment, it is especially important for our clients to have good vision and foresight, along with a deep understanding of the marketplace and technology trends that will affect business growth,” said Clifford M. Gross, Ph.D., UTEK’s Chief Executive Officer. In addition, Dr. Gross mentioned, “We believe UTEK’s focus on providing turn-key innovation services has resulted in revenue growth during the previous three quarters and robust prospects for the remainder of the year.”
About UTEK Corporation
UTEK® is a leading innovation services company. UTEK’s services enable clients to become stronger innovators, rapidly source externally developed technologies, create value from their intellectual property and gain foresight into marketplace and technology developments that affect their business. UTEK is a business development company. For more information about UTEK, please visit its website at www.utekcorp.com.
About Social Technologies
Social Technologies is a global research and consulting firm specializing in the integration of foresight, strategy and innovation. With offices in Washington DC, London, Tel-Aviv, and Shanghai, Social Technologies serves many of the world’s leading companies, government agencies, and non-profits. For more information about Social Technologies, please visit its website at www.socialtechnologies.com.
Certain matters discussed in this press release are "forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that its expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and UTEK does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized and realized gains and losses of companies in its portfolio, UTEK's dependence on the performance of its operating divisions as well as the companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, marketplace demand for innovation consulting services as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.