ProQuest Acquisition & Valuation
ProQuest was acquired by Clarivate for $5.3B in May 2021, a 6.1x multiple on $876M of revenue.
ProQuest revenue at acquisition
$876M
Last twelve months · May 2021
ProQuest revenue multiple at acquisition
6.1x
EV/Revenue · May 2021
ProQuest EBITDA multiple at acquisition
21.2x
EV/EBITDA · May 2021
About ProQuest
ProQuest is an American information-content and technology company based in Ann Arbor, Michigan, and a subsidiary of Clarivate since December 2021. It aggregates and provides access to research content for libraries, including dissertations and theses, primary-source and historical collections, ebooks, scholarly journals, historical and current newspapers and periodicals, and government and cultural archives, estimated at around 125 billion digital pages. Its Dissertations and Theses collection holds more than 3 million searchable works and serves as the official US off-site repository of the Library of Congress. Customers are academic, corporate, government, public and high school libraries, which buy content by subscription or perpetual archive in tailored subject packages; the group also built library workflow software through Serials Solutions and, from 2015, Ex Libris, and has operated Bowker, the US ISBN agency, and the Dialog research service. The company was founded in 1938 by Eugene Power as University Microfilms, which preserved library collections on microfilm and began publishing doctoral dissertations in 1939. Xerox bought it in 1962 and Bell & Howell in 1985; ProQuest Company sold the business to Cambridge Information Group in 2006, and Clarivate acquired it for $5.3 billion on December 1, 2021, aiming to integrate its products with Web of Science.
Founded
1938
HQ
Ann Arbor, MIWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$876M (May 2021)
Valuation
$5.3B (acquired May 2021)
ProQuest Acquisition
ProQuest was acquired by Clarivate for $5.3B on 17 May 2021.
The acquisition price implies a 6.1x revenue and 21.2x EBITDA multiple on $876M of revenue.
Clarivate, the NYSE-listed provider of research, analytics and intellectual property information, agreed in May 2021 to acquire ProQuest from Cambridge Information Group and other partners including Atairos for $5.3 billion, including the refinancing of ProQuest's debt. The consideration combined cash and Clarivate ordinary shares, making the sellers significant Clarivate shareholders. Two ProQuest board members joined the Clarivate board, including Andy Snyder of Cambridge Information Group as vice chairman and Michael Angelakis, chairman and chief executive of Atairos. Clarivate said the combination created a leading global provider of information and data-driven solutions for science and research, opening a gateway to one of the world's largest information sources for education, science and intellectual property professionals. It expected more than $350 million of adjusted EBITDA from the acquisition after cost synergies and said the deal would be accretive to adjusted diluted earnings from 2022. For 2020 ProQuest generated $876 million of revenue, with 4% organic growth, and $250 million of adjusted EBITDA. ProQuest, based in Ann Arbor, Michigan, curates historical and scholarly content and, through its Ex Libris subsidiary, sells library management and discovery software to universities, libraries and research institutions. Cambridge Information Group had been its majority owner since 2007, and Atairos bought a minority stake in 2019.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 17 May 2021 | Strategic M&A | $5.3B | 6.1x | 21.2x |
Sources: prnewswire.com
ProQuest Funding History
ProQuest has 1 recorded secondary share sale and no primary funding rounds.
| Date | Stage | Investors | Deal Summary |
|---|---|---|---|
| May 2019 | Secondary | Atairos | Atairos agreed in May 2019 to acquire an ownership position in ProQuest, the Ann Arbor, Michigan-based provider of research content and library software. ProQuest used the proceeds of the transaction to repurchase most of the shares owned by entities affiliated with the Merchant Banking Division of Goldman Sachs, which retained a smaller minority interest. Cambridge Information Group, the family-owned investment firm that had been ProQuest's majority owner since 2007, kept its majority stake. Financial terms were not disclosed. CIG chief executive and ProQuest chairman Andy Snyder said Atairos brought a long-term perspective and valued its relationships with management teams, while Atairos managing director Jackson Phillips cited ProQuest's global customer base and commitment to innovation. ProQuest, together with its SaaS subsidiary Ex Libris, curates six centuries of content and sells products such as ProQuest One, Alma, Primo, Summon, Rialto, Esploro and Leganto that help university libraries acquire, manage and grow collections. Atairos held the stake until Clarivate agreed in May 2021 to acquire ProQuest from Cambridge Information Group and its partners, including Atairos, for $5.3 billion including refinancing of debt. In that sale ProQuest reported 2020 revenue of $876 million and adjusted EBITDA of $250 million. |
Who has invested in ProQuest?
1 investor has backed ProQuest across its funding rounds, including Atairos.
ProQuest Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by ProQuest
ProQuest has acquired 4 companies to date.
Last acquisition by ProQuest was on June 22nd 2016. ProQuest acquired Alexander Street Press for undisclosed valuation.
Latest Acquisitions by ProQuest
| Description | Arlington-headquartered Alexander Street Press is a publisher of primary-source digital collections, websites, and streaming media tailored for academic learning and research. Specializing in humanities and social sciences, it offers databases such as North American Women's Drama, Black Thought and Culture, and Opera in Video. Acquired by ProQuest in 2012 and now under Clarivate, the company delivers content to over 1,500 universities worldwide from its Virginia base. | Ex Libris is a Jerusalem-headquartered provider of library automation software, serving academic, research, and national libraries worldwide. The company offers Alma for library management, Primo for discovery services, and Rosetta for digital preservation. Acquired by ProQuest in 2015 and now part of Clarivate, its solutions handle print, electronic, and multimedia collections for institutions including Harvard University and the British Library. | - | SIPX is a Palo Alto-headquartered platform simplifying legal digital content access for US higher education. Incorporated in 2012 in California, it licenses textbooks, journals, and media from publishers like Pearson for campus-wide streaming and downloads. |
| HQ Country | |  |  | |
| HQ City | Washington, DC | Copenhagen | - | San Francisco, CA |
| Deal Date | 22 Jun 2016 | 6 Oct 2015 | 30 Apr 2015 | 8 Apr 2015 |
| Valuation | undisclosed | $500M | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all ProQuest acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Investments by ProQuest
ProQuest has invested in 1 company to date.
Latest investment by ProQuest was on September 10th 2020. ProQuest invested in Underline Science in their $2M Seed round.
Latest Investments by ProQuest
| Description | Underline Science is a video platform for scientific conferences and lectures based in Boston. It hosts live streams and on-demand recordings of events from institutions like Harvard and Stanford, enabling global access to research talks and panel discussions. |
| HQ Country | |
| HQ City | New York City, NY |
| Deal Date | 10 Sep 2020 |
| Round | Seed |
| Raised | $2M |
| Investors | - |
| Valuation | $6M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all ProQuest investments and their VC round multiples. Start Free Trial | |
ProQuest Competitors
ProQuest competitors include listed companies like Teradata and Business-intelligence, and private ones like Dataiku, Starburst, PingCAP and Devo.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| New York City, NY | Private | $150M | - | $3.7B | 24.7x | |
| Boston, MA | Private | $100M | - | $3.4B | - | |
| United States | Publicly listed | $1.7B | $285M | $3.2B | 1.8x | |
| San Francisco, CA | Private | - | - | $3B | - | |
| United States | Private | - | - | $2B | - | |
 China | Publicly listed | $391M | $54M | $1.9B | 5.6x |
ProQuest Public Comps
ProQuest is no longer listed, but its public comps include Presight AI, Topicus, Octave Intelligence, SenseTime Group, East Buy, IPE Universal, Sportradar, Geovis, CommVault Systems and Stride.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $825M | $214M | 5.9x | 4.9x | 22.8x | 19.0x | |||
| $1.7B | $381M | 3.6x | 3.2x | 16.5x | 11.2x | |||
| $1.6B | $530M | 3.9x | 3.8x | 11.7x | 11.2x | |||
| $752M | ($71M) | 6.5x | 5.3x | (68.9x) | 53.7x | |||
| $855M | $99M | 3.5x | 3.1x | 29.9x | 25.1x | |||
| $15M | $3M | 236.1x | - | 1350.5x | - | |||
| $1.4B | $595M | 2.4x | 2.1x | 5.7x | 8.7x | |||
| $402M | $45M | 9.5x | 8.2x | 86.0x | - | |||
This data is available for Pro users. Sign up to see all ProQuest competitors and their valuation data. Start Free Trial | ||||||||
Common questions about ProQuest
| When was ProQuest founded? | ProQuest was founded in 1938. |
| Where is ProQuest headquartered? | ProQuest is headquartered in Ann Arbor, MI, United States. |
| Is ProQuest publicly listed? | No, ProQuest was acquired by Clarivate in May 2021. |
| Who acquired ProQuest? | ProQuest was acquired by Clarivate in May 2021. |
| How much was ProQuest acquired for? | ProQuest was acquired for $5.3B in May 2021, a 6.1x revenue multiple. |
| Who are ProQuest's investors? | ProQuest's investors include Atairos. |
| Which companies are comparable to ProQuest? | Companies comparable to ProQuest include Dataiku, Starburst, Teradata, PingCAP, Devo and Business-intelligence. |
| How many companies has ProQuest acquired? | ProQuest has acquired 4 companies, including Alexander Street Press, Ex Libris, Coutts Information Services and SIPX. |
| What was the largest acquisition by ProQuest? | The $500M acquisition of Ex Libris in October 2015 is the largest acquisition ProQuest has made to date. |
| How many companies has ProQuest invested in? | ProQuest has invested in 1 company, including Underline Science. |
| What was ProQuest's last investment? | In September 2020, ProQuest invested in Underline Science's $2M seed round. |
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