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
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
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Joey Ferguson is a business reporter for the Deseret News who focuses on public finance. He joined Deseret News after graduating from Brigham Young University-Idaho with a bachelor's degree in journalism in May 2011. He more ..
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Genealogy I am doing it, my genealogy!
Any time a company gets bought by another company the ones who start sweating are the employees. Transactions like this always imply restructuring - force fitting two companies into one - and that always results in layoffs. I suffered through about More..
I have been a member of Ancestry Com for a long time and have always found it to be top class with information.
If sold, the new buyers will have a hard job to retain the Service and 'Goodwill'