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Greenfield Online acquires CIAO AG for $154 million
Increases share of European survey solutions market


WILTON, Conn., April 7 /PRNewswire-FirstCall/ -- Greenfield Online, Inc (Nasdaq: SRVY), a leading provider of Internet survey solutions to marketing research and consulting companies, today announced it has completed the acquisition of Munich-based Ciao AG for aggregate consideration valued at approximately $154 million USD. The consideration for the acquisition consists of 57,692,250 million euros in cash and 3,947,367 shares of Greenfield Online common stock valued at $20.19 USD per share (the closing price of the Greenfield Common Stock on Nasdaq on April 6, 2005). The amount of consideration is subject to certain post closing adjustments. This acquisition brings together two leading providers of online survey solutions in North America and Europe and substantially speeds Greenfield Online's time to market in capturing a greater share of the European survey solutions market opportunity. The acquisition is expected to be accretive to 2005 and future years' earnings per share.

CIAO AG, headquartered in Munich, Germany, was founded in 1999. The company has 150 employees across six European offices in Munich, London, Paris, Madrid, Amsterdam and Timisoara, Romania, as well as a small office with 5 employees in the US.

For 2004, Ciao AG recorded revenue of approximately 18.1 million euros ($22.5 million USD) with growth of approximately 78% over 2003. Ciao AG recorded 2004 operating income of approximately 6.9 million euros ($8.6 million USD) representing growth of 100% over 2003 and EBITDA of 7.3 million euros (9.1 million USD) representing growth of 91% over 2003. These figures were computed based on German GAAP and reconciled to US GAAP. The Ciao AG client base grew by almost 100% in 2004 to 210 marketing research clients.

'From a revenue perspective, we believe Ciao AG is the largest independent survey research provider in Europe with an established online community that spans fifteen countries and a large, diverse client base,' stated Dean Wiltse, president and chief executive officer of Greenfield Online. 'Together Greenfield Online and Ciao AG have the global panel capabilities, the sales and delivery teams and technology infrastructure to meet our worldwide clients' broad data collection requirements. We also share a common belief that high quality data collection, combined with enhanced panel experience is essential to success.'

'With Ciao AG, we have not only substantially increased our international panel strength but we have also gained an innovative online community platform that we plan to adopt in the U.S. due to the success it has delivered for Ciao AG in terms of their ability to recruit, retain and entertain panelists. In addition, Ciao AG's experienced European management team will help us accelerate the growth of Greenfield Online's business globally.'

Max Cartellieri, Ciao AG's Co-CEO said, 'The online survey market is growing rapidly as more and more marketing research clients worldwide demonstrate a preference for online research. Our two companies are coming together at a very opportune time. We are pleased that Greenfield Online offered us this opportunity to join forces. Together we form a stronger competitor with far greater reach, serving the online survey requirements of the global marketing research community.'

Fred Paul, Ciao AG's Co-CEO said, 'Ciao AG's online community sites in Europe have over 10 million unique visitors per month, across five different countries (Germany, France, UK, Italy and Spain). Ciao AG has successfully created an interactive community with participants actively engaged in taking surveys, writing product reviews and giving their opinions. This community provides Ciao AG access to panelists who visit the online community sites, sign up to become part of the panel, as well as provide their opinions in the form of product reviews. It is this community that helped Ciao AG to become the market leader for Internet surveys in Europe, delivering broad scale and s


Publisher Contact Information:

ciao.com AG (Acquired by Greenfield Online Inc)
+1 203 846 5772
Cbrockhoff@Greenfield.com

Company profile of ciao.com AG (Acquired by Greenfield Online Inc)
Past press releases of ciao.com AG (Acquired by Greenfield Online Inc).

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