Ancestry.com said to be prepping for sale, looking for buyers

Published: Tuesday, June 5 2012 6:00 p.m. MDT

Tim Sullivan, chief executive officer for Ancestry.com, talks about the future of family history industry at the RootsTech convention in Salt Lake in this file photo.

Joey Ferguson, File, Deseret News

Enlarge photo»

PROVO, Utah — Provo-based genealogy website Ancestry.com Inc. is working with Qatalyst Partners LLC, a San Francisco-based investment bank, to find potential buyers, according to Bloomberg.

The family history company will attract private-equity firms, an anonymous source from the company told Bloomberg. The source declined to be identified because the process is private.

The company’s current market capitalization is about $964 million.

Ancestry acquired Archives.com in April 2012 for $100 million to diversify its product offerings for customers and expand the family history industry, according to a recent article in the Deseret News.

More than 800 of Ancestry’s 1,100 employees are based at the company’s Provo headquarters. The company plans to hire between 50 and 70 new tech employees in Utah in 2012.

Ancestry ended the first quarter with 1.87 million subscribers, which is a 16 percent rise from the year earlier, according to Bloomberg. Revenue also rose 19 percent to $108.5 million.

EMAIL: jferguson@desnews.com

TWITTER: @joeyferguson

Get The Deseret News Everywhere