It might not be the “continued consolidation” of the ILS market that has been predicted by many, including me, but it’s clearly a step in that direction.
Ex Libris Group announced early this morning (not quite as early in Jerusalem, where the company is headquartered) that it will be acquired by Francisco Partners, “one of the world’s largest technology-focused private equity funds.” The definitive agreement calls for the acquisition of 100% of the company’s shares.
“Financially strong and with consistently strong growth, Ex Libris is well positioned to make strategic acquisitions and to expand into new geographical markets. We are delighted to work in partnership with the Company’s strong and focused management team”.
Andrew Gray, principle of Francisco
“We feel that our association with Francisco Partners will serve as a springboard to accelerate the next phase of our growth both technologically and geographically within our core library and e-content markets.”
Matti Shem Tov, President and CEO of Ex Libris
Of course this all begs several questions: Who or what are they going to acquire? Where and how will the “new” company expand? What will this mean for the three main offices of the company in Jerusalem, Chicago, and Boston? Francisco has an impressive portfolio of companies, some of which libraries will recognize, but library automation is clearly a new space for Francisco.
I’m not quite ready to do so myself, but I welcome Hectic Pace readers to begin the speculation of what all this might mean.
[This post originally appeared as part of American Libraries’ Hectic Pace Blog and is archived here.]