History of IHS Global Insight
IHS Global Insight provides the most comprehensive economic, financial, and political coverage available to support the planning and decision-making processes necessary to every organization. Using a unique combination of expertise, models, data, and software within a common analytical framework, we cover over 200 countries and more than 170 industries.
Recognized as the most consistently accurate forecasting company in the world, IHS Global Insight has over 3,800 clients in industry, finance, and government with revenues in excess of $100 million, 700 employees, and 25 offices in 14 countries covering North and South America, Europe, Africa, the Middle East, and Asia.
History of IHS Global Insight: 2001 to 2009
2001—IHS Global Insight, Inc. is formed. IHS Global Insight brings together the world's premier economic and financial information firms: Data Resources, Inc. (DRI) and Wharton Econometric Forecasting Associates (WEFA). WEFA was founded in 1963, and DRI in 1968. The formation of IHS Global Insight also included the acquisition of DAFSA, a European market-research company; and GlobalInTech (formerly Primark Poland), a software company specializing in time-series data management; as well as an interest in Decision Economics, Inc.
2002—IHS Global Insight acquires two leading regional economic information firms in 2002: PlanEcon (covering Eastern Europe and the Former Soviet Union) and CIEMEX (covering Mexico). The operations of all these acquired companies were fully integrated into IHS Global Insight, providing more detailed coverage of these key emerging countries.
2003—IHS Global Insight acquires World Markets Research Centre (WMRC) in April of 2003. WMRC provides "same-day" analysis and continuously updated detailed assessments and reports on over 200 countries around the globe, with a unique capability to provide near real-time analysis of breaking news. Coverage includes economic, political, legal, tax, operational, and security information, together with proprietary direct foreign investment and sovereign risk assessments. WMRC also provides in-depth coverage of the automotive, energy, healthcare, and telecommunications industries, with "same-day" analysis, competitive intelligence, and global country-markets coverage. WMRC's staff, analytical procedures, and content delivery have been fully integrated into IHS Global Insight to provide the most timely and comprehensive coverage of regions, countries, and industries available.
2004—IHS Global Insight acquires a minority interest in Best Independent Research LLC (BIR) in January 2004. BIR is a consortium of five of the nation's highest ranking, independent equity research firms. It is a unique research organization that offers investment recommendations on nearly 3,000 public companies from the top-performing independent research providers. With BRI and its member firms, IHS Global Insight adds the outlook for companies to its country and industry coverage.
2007—November 2007, IHS Global Insight acquires SupplierBusiness Limited, the world's leading provider of automotive supply-based research and intelligence. In addition to its headquarters in the United Kingdom, SupplierBusiness' operation in Gurgaon, India, provides the foundation for IHS Global Insight to establish a much larger presence in India, expanding the SupplierBusiness staff and adding staffs and capabilities for other automotive products and services, plus other IHS Global Insight operations, such as data and consulting. IHS Global Insight moves to larger offices in Gurgaon and establishes corporate finance and human resources functions, with the entire India operation under the direction of a corporate representative on-site.
2008—October 2008, Global Insight is acquired by IHS (www.IHS.com) and changes its name to IHS Global Insight. IHS is a leading global source of critical information and insight, dedicated to providing the most complete and trusted data and expertise to its clients. IHS product and service solutions span four areas of information that encompass the most important concerns facing global business today: Energy, Product Lifecycle, Security, and Environment. Now, with the ability to build on this foundation, IHS Global Insight is able to provide an even broader and deeper array of products and market platforms.
WEFA—was founded by Lawrence R. Klein, 1980 Nobel Laureate in Economics. Wharton Econometric Forecasting Associates (WEFA) had its origin in the Economic Research Unit at the University of Pennsylvania, which was initially funded by five companies to develop a model of the U.S. economy and in 1963 began providing them with a forecasting service that could provide objective, independent forecasts for business planning and analysis. This effectively launched the economic data and forecasting industry.
In 1987, WEFA merged with Chase Econometrics, an independent subsidiary of Chase Manhattan Bank. Chase Econometrics' research covered the world, with in-depth analysis of the U.S. national and regional economy, including key industries such as steel, non-ferrous metals, automobiles, and energy. The firm offered a tradition of client support unmatched in the economic consulting industry. Over the years, WEFA built its reputation on academic standards, quality research, and forecast accuracy.
DRI—Data Resources, Inc. (DRI) was founded in 1968 by Dr. Otto Eckstein and was based on a simple innovation: the delivery of expert economic commentary, data, and forecasts via timesharing. This was a radical idea at the time since timesharing was in its infancy; large computerized databases of public information were unknown, and the concept of econometric modeling was yet to be popularized.
While serving as an outlook expert in 1967, Dr. Otto Eckstein saw timesharing in action and recognized that it would be a superior means for disseminating forecasts and making them more usable in actual business planning.
This marked the beginning of the computer age for economic forecasting with the installation of economic forecasts, models, and databases on a central timesharing computer, to be used via telephone lines by clients. A consulting organization that would promote successful use of the new technical capabilities by clients was envisaged from outset, and proved fundamental to the company's success throughout its history.