Long-Term Partnership to Support Continued Growth of Leader in Educational Technology; Cambridge Information Group to Remain Majority Owner
ProQuest, a global leader in educational technology, 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,” 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.”
Along with its SaaS software company Ex Libris, ProQuest is building on a track record of innovation and expanding its broad portfolio of content and technology solutions. A variety of these new products help universities streamline workflows, make data-driven decisions and boost the productivity of their libraries, students and faculty. The investment from Atairos validates the long-term commitment ProQuest and Ex Libris have to solutions such as ProQuest One, Rialto, Alma, Summon, Primo, Esploro and Leganto.
“ProQuest is highly regarded by its customers for its array of content and technology solutions,” said Jackson Phillips, a Managing Director at Atairos. “The Company’s global customer base and commitment to innovation provide a strong foundation for continued growth. We are excited to partner with the ProQuest and Ex Libris leadership teams and we look forward to supporting them to achieve our shared goals.”
“ProQuest has been and will continue to be an excellent company to partner with,” said Brad Gross, Managing Director in the Merchant Banking Division of Goldman Sachs. “The management team has demonstrated strong, smart leadership during our relationship with ProQuest. While Goldman Sachs will be a smaller shareholder than before, we remain committed and supportive.”
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