Thursday, 23 September 2010

Ancestry to acquire Footnote

A press release from Ancestry.com

PROVO, Utah, Sep 23, 2010 (GlobeNewswire via COMTEX) -- Ancestry.com Inc. announced today it has entered into a definitive agreement to acquire iArchives, Inc. and its branded Web site, Footnote.com, a leading American History Web site, for approximately $27 million in a mix of Ancestry.com stock, cash and assumption of liabilities. This acquisition will provide the company with a complementary consumer brand, expanded content offerings, and enhanced digitization and image-viewing technologies.
iArchives digitizes and delivers high-quality images of American historical records of individuals involved in the Revolutionary War, Continental Congress, Civil War, and other U.S. historical events to Footnote.com subscribers interested in early American roots. iArchives has digitized more than 65 million original source documents to date through its proprietary digitization process for paper, microfilm and microfiche collections.
"Footnote.com is highly complementary to Ancestry.com's online family history offering," said Tim Sullivan, President and Chief Executive Officer of Ancestry.com. "By promoting Footnote to our Ancestry audience, we hope to expand its reach among researchers who care about early American records. iArchives also brings outstanding image-viewing technology and content digitization capabilities that will improve our leadership position in bringing valuable historical records to the market. We welcome the iArchives team to the Ancestry.com family."
Upon completion of the transaction, iArchives will become a wholly-owned subsidiary of Ancestry.com. As part of the transaction, Ancestry.com currently expects to issue approximately 1.0 million shares of common stock. The transaction is subject to various closing conditions and is expected to close early in the fourth quarter of 2010.

Comment:  In these economic times this type of acquisition is hardly surprising. Watch out for World Vital Records! 

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