The world’s leading provider of online family history and personal DNA testing, Ancestry.com announced Wednesday it has been purchased.
The Lehi-based company with 30 additional locations worldwide said that Silver Lake Partners and GIC successfully completed their previously announced transaction to acquire substantial equity stakes in Ancestry at an enterprise value of approximately $2.6 billion.
Ancestry.com provides more than 1,000 jobs locally and has more than 2.5 million paying subscribers. It also has 1.5 million DNA samples in the AncestryDNA database.
Silver Lake is the global leader in technology investing, with over $24 billion in combined assets under management and committed capital. The firm’s portfolio of investments collectively generates more than $100 billion of revenue annually and employs more than 210,000 people globally, according to an Ancestry press release.
GIC is a leading global investment firm with over $100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore’s foreign reserves.
As a result, Silver Lake and GIC each hold equal minority ownership positions in the company. The Permira funds, Spectrum Equity and Ancestry management, including President and Chief Executive Officer Tim Sullivan and Chief Financial and Chief Operating Officer Howard Hochhauser remain as meaningful equity investors and, along with GIC, continue to own a majority of the Company, the press release said.
The release also stated that in connection with the closing of the transactions, the company announced an expanded Operating Committee including: Mike Bingle, Silver Lake; Stephen Evans, Silver Lake; Jason White, Silver Lake; Eric Wilmes, GIC; Alex Moskowitz, GIC; Andrew Skrilow, GIC; Vic Parker, Spectrum Equity; Tim Sullivan, Ancestry; and Howard Hochhauser, Ancestry.
“We are pleased to welcome an outstanding team to our Operating Committee,” said Tim Sullivan, Chief Executive Officer of Ancestry.com. “Their depth of experience and expertise in scaling technology companies will fuel growth across our entire business as we continue to pioneer the market for self-discovery and help people around the world learn more about who they are and where they come from.”
Since 1996, more than 17 billion records have been added, and users have created more than 80 million family trees on the Ancestry flagship site and its affiliated international websites.