Grant Thornton advises Toluna Holdings Limited Toluna Holdings Limited has acquired GutCheck LLC

October 2022
Toluna Holdings Limited
Adviser to Toluna Holdings Limited on their acquisition of GutCheck LLC
Grant Thornton team
Buy side
Transaction services
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We are delighted to have advised Toluna Holdings Limited on their acquisition of GutCheck LLC.

Toluna provides consumer insights on a global scale, offering market research using innovative digital solutions.

In order to expand its offering in the North American market, Toluna acquired US entity, Brainyak Inc (the Target), which trades under the trademark ‘GutCheck’.

GutCheck provides market research solutions, supporting businesses with their growth strategies and critical business decisions, by sourcing proprietary insights

We were engaged to provide financial and tax due diligence on GutCheck. In addition, we advised on the tax structuring of the Group post acquisition.

We quickly put a team together, which included US tax specialists, to perform the due diligence to meet the transaction timetable.

We produced a report which covered historical, forecast and tax due diligence. The underlying financial information was reviewed and we flagged any issues as they arose.

We have also considered the potential impact of IFRS on the Target’s reporting.

We worked across UK and US tax jurisdictions to ensure the acquisitions is made in a tax efficient way.

By leveraging a team across the US and the UK we were able to execute a cross border diligence process, and provide regular updates to Pierre Camagne (Chief Financial and Operations Officer).

Our analysis and recommendation around the the working capital directly impacted the value of the transaction.

A joined up approach across multiple teams enabled a positive result to be met for all stakeholders within a controlled timetable.


Grant Thornton supported us on our overseas acquisition, quickly assembling teams in both the UK and US, covering tax structuring and financial and tax due diligence. The teams worked seamlessly across the different regions and workstreams, providing consistent quality throughout. They maintained regular correspondence with us, communicating key issues and findings as they arose, whilst also adding significant value.

Pierre Camagne Chief Financial and Operations Officer, Toluna Holdings Limited

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