TowerGroup Acquired by CEB

TowerGroup, the Needham, Mass.-based financial services/technology research and consulting firm, was acquired by the Corporate Executive Board. CEB said the purchase will bring together TowerGroup's know-how with its own expertise in financial services sales and marketing consulting, expanding its footprint in the FS space.

"The combined organization will provide a wealth of intellectual capital to operating executives within and serving the financial services industry," said Karen Cone, departing CEO of TowerGroup.

Bob Egan, global head of research for TowerGroup, added, "We are excited to join the Corporate Executive Board and leverage its infrastructure along with our combined research methodologies, experience and market influence to serve the world's top financial services companies."

Terms of the deal were not disclosed.

A report in the Washington Business Journal noted that CEB dealt with falling sales and declines in contract value throughout the year. Consequently, it consolidated some of its product lines, cut 15 percent of its workforce and subleased space in its new headquarters in Rosslyn, Va.