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Ancestry.com agrees to $1.6 billion buyout

Wow. Serious money for a site like this.

Quote:

(Reuters) - An investor group led by private equity firm Permira Advisers LLP has agreed to buy genealogy website Ancestry.com Inc for about $1.6 billion, or $32 a share, the Wall Street Journal reported, citing people familiar with the deal.

In addition to Permira, the buyout group includes the private equity firm's co-investors, members of Ancestry.com's management, including Chief Executive Tim Sullivan and Chief Financial Officer Howard Hochhauser, and Spectrum Equity, which owns about 30 percent of Ancestry.com, the Journal said.

Provo, Utah-based Ancestry, whose website helps users trace their family roots by scouring online records, and Permira Advisers, could not immediately be reached for comment outside regular U.S. business hours.

Shares of Ancestry.com closed at $29.18 Friday on the Nasdaq.

Ancestry received offers from the three private equity firms in August and none of the bidders met the company's price expectations at the time, sources familiar with the matter previously told Reuters.

(Reporting by Sakthi Prasad; additional reporting by Vrinda Manocha in Bangalore; Editing by Louise Heavens)

:Oh crap

1,6 billions? How much $ they make in profit per year?

nice that should buy a big house

Wait what?! Who made that risk analysis.

Mormons are taking over !

Mathieu

Isn't that site just a giant census form that people happily fill out?

I think this might be a bit more important than people think. This website can track people's birth line back centuries. Think about the data this company has...

A lot of the info/data they have is completely wrong as that job was pretty much all outsourced to India. I have a few older relations who have had all kinds of problems with wrong info when putting together family histories. The whole thing looks like it was put together just to pump and dump.