The Generations Network, Parent Company of Ancestry.com, to be Acquired by Spectrum Equity Investors
| October 18, 2007 |  View for printing |
The Generations Network, Inc. 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.
The Generations Network's portfolio of sites and products includes Ancestry.com and seven international Ancestry sites, http://www.myfamily.com, http://www.Rootsweb.com, http://www.Genealogy.com, Family Tree Maker(R) and Ancestry Magazine. The company's current management team will continue to lead the company.
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