Contax agrees sale of CMI to MEED

Following a five year alliance between MEED and Contax, in July 2009 sold its online market intelligence database, CMI to MEED.

I am delighted that our customers will continue to be well supported in the Middle East market and that all the CMI staff, numbering around 30 people, were retained by MEED particularily in these difficult economic times.

Contax Partners Launches

In July 2009, we arranged a management buyout of the business advisory and business development assets of Contax into a new company Contax Partners.

The management buy-out, led by new Chief Executive Officer Filippo Fantechi, and a management team of four, enabled me as the original founder of Contax to step down from executive duties, but will remain in the business as Non Executive Chairman.

With a 25 strong team, the business will commence operations from Bahrain and Dubai.

CEO, Contax Partners, Filippo Fantechi says; “Contax is a business that I have grown with and to have the opportunity to take the helm is tremendously exciting. We have ambitious growth plans within the region.”

I will maintain an equity shareholding in Contax and provide ongoing advisory support to Contax, Contax Partners and specific customers.