Thomson Reuters Closes Sale of Intellectual Property & Science Business, Say Hello to Clarivate Analytics!
The resources that were formerly sold by TR Intellectual Property & Science including Web of Science, Endnote, and Derwent Patents Index are now being developed, marketed, and sold by an new independent company named Clarivate Analytics. The deal was announced on July 11, 2016.
Thomson Reuters today announced that it has closed the sale of its Intellectual Property & Science (IP&S) business to Onex Corporation and Baring Private Equity Asia for $3.55 billion in cash. Thomson Reuters plans to use about $1 billion of the net proceeds to buy back shares and the balance to pay down debt and reinvest in the business. Any share buybacks will be part of the company’s previously announced $1.5 billion share buyback program.
Following today’s closing, Thomson Reuters is organized in three business units supported by a corporate center – Financial & Risk, Legal and Tax & Accounting. The company also operates Reuters, a leading provider of real-time, multimedia news and information services.
The newly independent company will be known as Clarivate Analytics, a name that speaks to accelerating the pace of innovation with the trusted insights and analytics it provides to customers.
“We’re excited to move forward as an expert, objective and agile source of authoritative knowledge,” said Vin Caraher, Clarivate Analytics CEO.
“Our solutions sit at the center of almost every major university, government and business, supporting those working within the lifecycle of innovation who strive to make a difference. As a market leader, we look forward to building on our strong foundation as an independent company.”
The new name is effective immediately, and new branding will be implemented across the company’s products and services, beginning in early 2017.
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About Gary Price
Gary Price (firstname.lastname@example.org) is a librarian, writer, consultant, and frequent conference speaker based in the Washington D.C. metro area. He earned his MLIS degree from Wayne State University in Detroit. Price has won several awards including the SLA Innovations in Technology Award and Alumnus of the Year from the Wayne St. University Library and Information Science Program. From 2006-2009 he was Director of Online Information Services at Ask.com.