Ancestry.com announces it has acquired Archives.com for about $100 million in cash and assumed liabilities
In a move that will help the company consolidate the market, Ancestry.com Inc. announced that it had reached an agreement to acquire the family history website Archives.com. The deal was announced as being priced at approximately $100 million in cash and assumed liabilities.
“Archives.com has built a fantastic and fast-growing business that we think is highly complementary to Ancestry.com’s online family history offering,” the president and CEO of Ancestry.com, Tim Sullivan, said in the company’s statement. “We love their focus on making family history simple and affordable, and we are excited to help the talented Archives.com team continue to grow alongside Ancestry.com, Fold3.com, and Family Tree Maker.”
Archives.com is owned by Inflection LLC, a Silicon Valley-based technology company that in addition to Archives.com also owns the PeopleSmart.com, and Identity.com branded sites, and is backed by Matrix Partners and Sutter Hill Ventures.
According to the announcement, the plan is to continue the Archives.com website brand and “multiple” Inflection employees are expected to join the new company. (I suppose that means there will be layoffs, no?)