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Wednesday, 17th October 2007

Genealogy Research and Databases: Ancestry.com parent sold for $300 million

Genealogy Research: Ancestry.com parent sold for $300 million
Private equity firm buying a majority stake in The Generations Network, whose portfolio also includes RootsWeb.com and the software Family Tree Maker.

See Also: Official News Release

The Generations Network, Inc., today announced that Spectrum Equity Investors will lead an investment of $300 million to purchase a majority interest in the company. Spectrum, a private equity firm based in Menlo Park and Boston, has been a shareholder in The Generations Network since 2003. Following the transaction, Vic Parker and Ben Spero from Spectrum will serve on the company's new board of directors, along with Tim Sullivan, President and CEO of The Generations Network. Additional terms of the transaction were not disclosed. The acquisition is subject to customary regulatory and closing conditions and is expected to close in 2007.

See Also: Ancestry.com Introduces Digital Scrapbooking

See Also: Genealogy Research: DNA Results to be Added to Ancestry.com


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