MMI, based in Virginia, provides services such as computer analysis, new market entry analysis, customer needs assessment, market positioning and strategic acquisition identification. Its clients include Fortune 500 companies, and the company generated $4.1m in gross revenues for the year ending March 31 2002.
The deal will see Incepta pay $3m upfront in cash and shares, with a further $3m-$7m to be paid over the next three years, depending on MMI's performance.
Last year, Incepta acquired Global Intelligence & Security, which it has rebranded as Citigate Global Intelligence & Security (CGIS) -- its major financial PR brand. MMI will be integrated into CGIS.
MMI was founded in 1982 by Zane Markowitz and Steven McNaughton. It has a team of 30 consultants and clients in areas such as consumer products, healthcare and pharmaceuticals.
The issue of business intelligence came under the spotlight last year when Procter & Gamble hired a corporate intelligence firm to examine Unilever's haircare business, but ended up paying Unilever an estimated $10m when the firm went too far in gathering sensitive information.
David Wright, executive chairman of Incepta, said: "The acquisition of MMI is an important step in Incepta's strategy to establish a global business and competitive intelligence capability, which started with the acquisition of CGIS in January 2002."
Incepta has also acquired Glover Associates International, a small US-based business and litigation investigations consultancy. It will pay up to $1.2m for the agency.
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