NEWS FLASH: It has been an open secret for a long time that The Generations Network (parent company of Ancestry.com, MyFamily.com and other sites) has been looking for a buyer. Now a deal has been struck.
Spectrum Equity Investors has led a $300 million investment to acquire a majority interest in Provo, Utah-based The Generations Network according to "an inside source" who declines to be named. The sale reportedly is for a major stake in the company but not 100% ownership. Employees and possibly some outside shareholders still have equity in the entity, which is almost certainly preparing for an IPO or other larger liquidity event.
Details may be found at http://www.techcrunch.com/2007/10/16/private-buyout-of-ancestrycom-for-300-million.
The Spectrum Equity Investors' web site already shows The Generations Network as one of the companies in its portfolio at http://www.spectrumequity.com/portfolio.
See my comments in the "Mother of all databases" discussion regarding a mega-corp buying up Ancestry and the other big pay genealogy sites. I guess this Magic Eight Ball of mine really is good for something!
Posted by: Greg Matthews | October 17, 2007 at 06:28 AM
The Techcrunch article erroneously perceives Ancestry.com as competing with Geni and MyHeritage as a social networking site (that should really be MyFamily.com competing with those sites). They are mischaracterizing Ancestry.com's role in genealogical research!
Is there another article somewhere that is a little more accurate?
Posted by: Pat | October 17, 2007 at 11:24 AM
Pat, Ancestry's 24/7 Family History Circle posted a press release today at http://blogs.ancestry.com/circle/?p=1960#more-1960 . To read others, google
"Spectrum Equity Investors" +"the generations network".
Joy
Posted by: Joy Rich | October 17, 2007 at 11:34 AM
I posted my comments and opinion at Dick's later post and also at my Genea-Musings blog at http://randysmusings.blogspot.com/2007/10/tgn-acquired-whats-in-it-for-us.html .
Posted by: Randy Seaver | October 17, 2007 at 05:25 PM
Just found out about Ancestry.com being sold. This concerns me for several reasons.
May I ask what this means to the subscribers to Ancestry.com? Will anything change or will it still
be managed the same? Are the prices of membership
going to be higher?
I would like to know more about this matter.
Thank you,
Posted by: Sharon G. | October 24, 2007 at 01:37 PM