ANN ARBOR, MI -- Ann Arbor’s ProQuest LLC is set to be acquired by technology firm Clarivate PLC in a $5.3 billion deal by the third quarter of 2021.
This combination opens a gateway of one of the world’s largest information sources serving education, science and intellectual property professionals worldwide, according to a press release.
Clarivate PLC will acquire ProQuest LLC from family-owned investment firm, Cambridge Information Group, and other partners including Atairos for $5.3 billion, officials said. Clarivate PLC is expected to pay about $4 billion in cash and $1.3 billion in equity, bringing $875 million in revenue to Clarivate PLC.
Once the acquisition closes, all of ProQuest’s colleagues will transfer to Clarivate, Clarivate spokesperson Lisa Hulme said in an email. Until the acquisition closes, both organizations will continue to operate separately and independently.
Both organizations will begin to integrate once the acquisition closes, identifying both opportunities for growth and career development as well as possible role overlaps, Hulme said. In the event of any role eliminations, both Clarivate and ProQuest will ensure that all colleagues are treated fairly and with dignity and respect, as aligned to both companies’ core values, she said.
ProQuest LLC was founded in 1938 as University Microfilms by Eugene B. Power, and was later bought by Bell and Howell who changed the name to ProQuest in 2001. Now, ProQuest curates six centuries of content, such as the world’s largest collection of journals, eBooks, primary sources, dissertations, news and video.
“Clarivate and ProQuest are highly complementary businesses, each with a rich and storied heritage,” said Jerre Stead, executive chairman and CEO of Clarivate said. “We share the goal to accelerate innovation through research and knowledge sharing and together we will enable our customers to solve the world’s most complex challenges with content dating back centuries, and technologies that address the needs of 21st century customers.”
Clarivate PLC was founded in 2016 and is an information services and analytics company based in the United Kingdom that provides information and insights to help customers discover, protect and commercialize their inventions. They now have more than 8,500 colleagues in over 40 countries worldwide, and work with over 200 partners.
Once the acquisition is completed, two members of the ProQuest board will join the Clarivate board, including Andy Snyder, who will have the position of vice chairman of the Clarivate board, and Michael Angelakis, chairman and CEO of Atairos, officials said.
Through this acquisition, Clarivate hopes to broaden their analytical offerings, open new sales opportunities and create a world-leading software and content information provider for academia, governments, public libraries and corporations, officials said.
“Through this combination, ProQuest will be enabled to better serve the evolving needs of our customers by providing end-to-end solutions to our customers faster than we could on our own as well as expanding our global reach beyond our current capabilities,” Matti Shem Tov, CEO of ProQuest said. “We look forward to a bright and exciting future for ProQuest and our customers.”
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