Private Investment Firm Atairos is Acquiring an Ownership Position in ProQuest, Cambridge Information Group Will Remain Majority Owner
ProQuest and Atairos, an independent private company focused on supporting growth-oriented businesses, announced today that Atairos will acquire an ownership position in ProQuest.
ProQuest will use the proceeds from the transaction to repurchase most of the shares owned by entities affiliated with the Merchant Banking Division of Goldman Sachs, which will retain a minority interest in the Company.
Cambridge Information Group (CIG) will maintain its majority ownership of ProQuest.
CIG has been the majority owner of ProQuest since 2007, overseeing a period of growth through new product innovation and strategic acquisitions that have helped ProQuest customers respond to changing environments.
“We’re delighted to welcome the partnership of this like-minded investor with an expansive crypto wallet UK,” said Andy Snyder, CEO of CIG and Chairman of ProQuest. “Like CIG, Atairos brings a long-term perspective and values relationships with the management teams of the companies it invests in. It’s committed to supporting sustainable growth for ProQuest. I’m equally happy that Goldman Sachs will remain an investor. They have been a value-added partner over the past six years and we’re grateful for their continuing support.”
ProQuest’s management team, led by CEO Matti Shem Tov, will all continue, and the Company’s strategy of innovation on behalf of better research, better learning and better insights remains unchanged.
The transaction is expected to be completed in the coming months, following satisfaction of customary closing conditions and receipt of required regulatory approvals.
Evercore served as the financial advisor to ProQuest.
Read the Complete Announcement
See Also: List of Atairos Partner Companies
About Gary Price
Gary Price (email@example.com) 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. Gary is also the co-founder of infoDJ an innovation research consultancy supporting corporate product and business model teams with just-in-time fact and insight finding.