by Rita Baladad
Quick Summary
In a blog post titled "ProQuest to Acquire ExLibris," Marshall Breeding gave more details about the acquisition and the two companies:
In a blog post titled "ProQuest to Acquire ExLibris," Marshall Breeding gave more details about the acquisition and the two companies:
In a move that alters the business dynamics of the library technology sector, ProQuest has announced that it will acquire Ex Libris in a deal expected to close in later in 2015. Ex Libris, under the ownership of Golden Gate Capital since November 2012, will become a wholly owned business of ProQuest. This merger significantly extends ProQuest’s offerings of technology-based workflow and resource management tools and places a broader portfolio of products under the responsibility of Ex Libris. While this merger represents a major step in the evolution of the industry, it is not anticipated to compromise the availability of current product offerings. Longer-term product strategies will be developed over time in collaboration with the company’s customer base.
Following the close, a new business group will be formed called Ex Libris, a ProQuest Company. This new entity will combine the portfolio of Ex Libris and the Workflow Solutions division of ProQuest and will be headed by current Ex Libris President and CEO Matti Shem Tov and a combined management team built from Ex Libris and ProQuest executives. Shem Tov will report to Kurt P. Sanford, CEO of ProQuest, who has led the company since July 2011. The workforce of both companies will continue intact in their current business locations and roles with their respective products. John “J. G.” Chirapruath appointed as senior vice president and general manager of ProQuest Workflow Solutions in June 2015 will continue in this role until the transaction is complete and will also immediately become the chief product and strategy officer for ProQuest reporting to Sanford.
Continuity of the Ex Libris strategy and management team forms one of the fundamental cornerstones of the acquisition agreement. The arrangement for Shem Tov to continue with Ex Libris under the ownership of ProQuest is not an interim arrangement, but a long-term commitment. Shem Tov and his executive management team have navigated Ex Libris through multiple ownership arrangements preserving key products and strategies. These continuing strategies, primarily based on aggressive research and development to create new technology products for libraries and other institutions, have proven successful as Ex Libris has seen impressive growth in terms of library customers, revenue, and personnel employed. Shem Tov has served as president and CEO of Ex Libris since March 2003.
