ANN ARBOR, Mich., May 17, 2019 /PRNewswire/ -- 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.
Evercore served as the financial advisor to ProQuest.
About ProQuest (http://www.proquest.com)
ProQuest supports the important work in the world's research and learning communities. The company curates six centuries of content – the world's largest collection of journals, ebooks, primary sources, dissertations, news, and video – and builds powerful workflow solutions to help libraries acquire and grow collections that inspire extraordinary outcomes. ProQuest products and services are used in academic, K-12, public, corporate and government libraries in 150 countries.
ProQuest includes SaaS software company Ex Libris, a leading global provider of cloud-based solutions that enable institutions and their individual users to create, manage, and share knowledge. In close collaboration with its customers and the broader community, Ex Libris develops creative solutions that increase library productivity, maximize the impact of research activities, enhance teaching and learning, and drive student mobile engagement.
Together ProQuest and Ex Libris help their customers achieve better research, better learning and better insights. For more information, visit the ProQuest blog and the Extraordinary Stories blog, and follow us on Twitter, Facebook or Instagram.
Atairos is an independent, private company focused on supporting growth-oriented businesses across a wide range of industries. Atairos provides a unique combination of active strategic partnership and patient long-term capital to high-potential companies and their management teams. Atairos was launched in 2016 and has in excess of $5 billion of equity capital. Atairos has offices in New York City, Philadelphia and London. For more information, please visit www.atairos.com
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division is the primary center for the firm's long-term principal investing activity. With nine offices across seven countries, Goldman Sachs Merchant Banking Division is one of the leading private capital investors in the world with equity and credit investments across corporate, real estate, and infrastructure strategies. Since 1986, the group has invested approximately $180 billion of levered capital across a number of geographies, industries and transaction types.