Forrester Bundle
Who Owns Forrester Research?
Understanding the ownership of a market research firm like Forrester is key to grasping its strategic direction and influence. Forrester's journey began as a private entity, but its transition to a public company in November 1996, with an IPO price of $16 per share, marked a significant shift in its ownership structure.
This public offering allowed a wider range of investors to participate, fundamentally altering who held stakes in the company. The firm, founded in 1983, has since grown into a global advisory powerhouse, assisting organizations in developing customer-focused strategies.
Forrester Research, Inc. reported full-year 2024 revenue of $432.5 million. The company's evolution from its founding by George Forrester Colony to its current status as a publicly traded entity involves understanding the roles of its initial stakeholders, institutional investors, and the broader market.
Who Founded Forrester?
Forrester Research, Inc. was established in July 1983 by George Forrester Colony. He initiated the company from his home's basement in North Cambridge, Massachusetts, with a vision to guide businesses through the evolving technology sector.
Founding Vision
George Forrester Colony, a Harvard graduate, founded the company with the aim of assisting businesses in navigating the rapidly advancing technology landscape.
Initial Location
The company's origins trace back to the basement of Colony's home at 20 Cambridge Terrace in North Cambridge, Massachusetts.
Early Ownership Concentration
George F. Colony held a dominant 74% stake in the company before its public offering, indicating a concentrated early ownership structure.
Initial Public Offering (IPO)
In November 1996, the company went public, offering 2 million shares at prices ranging from $13 to $15 per share.
Post-IPO Shares
Following the IPO, there were 8 million shares outstanding, reflecting the public offering's scale.
Limited Early Investor Details
Specific details about other early investors, angel investors, or friends and family involved in the initial private phase are not publicly disclosed.
The early ownership of Forrester Research was heavily concentrated in the hands of its founder, George Forrester Colony. His substantial stake prior to the company's initial public offering in November 1996 underscores his pivotal role and control over the firm's direction. While the exact initial capital and the identities of other early private investors remain undisclosed, Colony's vision clearly shaped the company's foundational structure. Understanding this early ownership is key to grasping the company's subsequent growth and its position within the competitive landscape, as detailed in this article on the Competitors Landscape of Forrester.
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How Has Forrester’s Ownership Changed Over Time?
Forrester Research, Inc. became a publicly traded entity through its Initial Public Offering (IPO) on the NASDAQ in November 1996. This event marked a significant shift in its ownership structure, moving from private to public hands. A subsequent public offering in February 2000 further adjusted its shareholder base.
| Shareholder Type | Percentage of Ownership (March 2025) |
|---|---|
| Institutional Investors | 50.03% |
| Insiders | 36.56% |
| Mutual Funds | 41.30% |
As of March 2025, Forrester Research (NASDAQ: FORR) is held by a diverse group including institutional investors, company insiders, and retail investors, reflecting its status as a public company. The founder, George F. Colony, remains a significant stakeholder, holding a substantial portion of the company's shares. The company's history includes strategic acquisitions that have influenced its market standing and potentially its financial composition.
Key Stakeholders in Forrester's Ownership
As of March 31, 2025, institutional investors collectively owned over half of Forrester's stock, indicating significant influence from investment firms. George F. Colony, the founder, is the largest individual shareholder, holding a substantial percentage of the company's shares.
- Institutional investors hold 50.03% of Forrester's stock as of March 2025.
- George F. Colony, the founder, is the largest individual shareholder with 38.72% ownership as of March 31, 2025.
- Major institutional shareholders include Royce & Associates LP (9.62%) and BlackRock Inc. (4.59%).
- A total of 248 institutional owners and shareholders had filed 13D/G or 13F forms with the SEC as of July 22, 2025.
- The company's strategic acquisitions, such as SiriusDecisions in January 2019, have shaped its market position.
The ownership structure of Forrester Research demonstrates a blend of institutional and insider holdings. Royce & Associates LP and BlackRock Inc. are among the largest institutional shareholders, each holding significant percentages of the company's stock as of March 31, 2025. The company's strategic acquisitions, including JupiterResearch and SiriusDecisions, have contributed to its evolution and market presence. For a deeper understanding of the company's journey, refer to the Brief History of Forrester.
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Who Sits on Forrester’s Board?
As of May 13, 2025, Forrester Research, Inc. successfully elected six nominees to its Board of Directors. The current board includes George F. Colony, who also serves as Chairman and CEO, alongside Robert Bennett, Cory Munchbach, Warren Romine, Neil Bradford, and Tony Friscia. This structure reflects the company's ongoing governance.
| Director Name | Role | Term |
|---|---|---|
| George F. Colony | Chairman of the Board and CEO | One-year term |
| Robert Bennett | Director | One-year term |
| Cory Munchbach | Director | One-year term |
| Warren Romine | Director | One-year term |
| Neil Bradford | Director | One-year term |
| Tony Friscia | Director | One-year term |
Forrester Research operates under a declassified Board of Directors, meaning all directors are subject to election annually. The voting power within the company is structured on a 'one-share-one-vote' basis, directly linking a shareholder's influence to the number of common stock shares they possess. There are no reported instances of dual-class shares or other mechanisms that would create unequal voting rights among shareholders, ensuring that Forrester company stock ownership dictates voting power proportionally. This system is fundamental to understanding Forrester ownership and who owns Forrester.
Understanding Voting Power at Forrester
Voting power at Forrester Research is directly tied to share ownership. This means that the more shares an individual or entity holds, the greater their voting influence on company matters.
- One vote is granted per share of common stock.
- Directors serve one-year terms, subject to annual re-election.
- No dual-class share structures are in place.
- Voting power is proportional to shareholdings.
As of July 1, 2025, George F. Colony, the founder and CEO, held a significant beneficial ownership stake of 38.70%. This makes him the largest individual shareholder, influencing Forrester Research ownership. However, the overall distribution of voting power is also shaped by the collective holdings of institutional investors and retail shareholders. Recent changes to the Board include the retirement of David Boyce, Robert Galford, and Yvonne Wassenaar prior to the February 2025 annual meeting. The period between 2024 and 2025 did not feature any prominent proxy battles or activist investor campaigns that significantly altered the company's governance or Forrester Research ownership structure. Understanding the management ownership is key to grasping the full picture of Forrester company ownership.
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What Recent Changes Have Shaped Forrester’s Ownership Landscape?
In recent years, Forrester Research has navigated a period of significant operational adjustments and evolving ownership trends. These shifts reflect a strategic response to market dynamics and a focus on financial resilience.
| Metric | Value (2024/2025) | Previous Period |
|---|---|---|
| Full-Year Revenue | $432.5 million (2024) | $480.8 million (2023) |
| Share Repurchases (2024) | $15.9 million | N/A |
| Share Price (July 22, 2025) | $10.72 | $18.66 (July 23, 2024) |
| Institutional Holdings (March 2025) | 50.03% | 51.28% |
| Insider Holdings (March 2025) | 36.56% | 36.51% |
The company's strategic direction has been shaped by efforts to streamline operations, including workforce reductions and office closures announced in February 2025. Financially, Forrester has actively engaged in share buyback programs, increasing its authorized repurchase plan in April 2024. Despite these measures, the company's stock experienced a notable decline in value over the past year. Ownership trends indicate a slight decrease in institutional investor holdings and a marginal increase in insider ownership, with George F. Colony maintaining a substantial stake.
Revenue and Operational Adjustments
Forrester reported revenues of $432.5 million for full-year 2024, a decrease from $480.8 million in 2023. This period saw strategic workforce reductions and office closures to align costs with revenue expectations.
Capital Management and Shareholder Returns
The company continued its share repurchase program, authorizing an additional $25 million in April 2024. As of July 22, 2025, the share price stood at $10.72, reflecting a significant year-over-year decrease.
Ownership Structure Dynamics
Institutional investor holdings slightly decreased to 50.03% by March 2025, while insider ownership saw a marginal rise to 36.56%. George F. Colony remains a key insider, holding 38.72% of the company's shares.
Future Outlook and Business Focus
Forrester anticipates 2025 revenues between $400 million and $410 million. The company's strategy centers on its Forrester Decisions platform, which represented 80% of its contract value in 2024, aiming for steady improvements across its business lines.
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