IHS is to acquire GlobalSpec, a specialised vertical search, product information and digital media company serving the engineering, manufacturing and related scientific and technical market segments, from Warburg Pincus LLC. The $135 million acquisition is subject to customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
“Acquisitions continue to be a key element in the strategic development of the IHS business and a driver of the company’s long-term growth. While the purchase price for GlobalSpec represents a strategic double-digit EBITDA multiple, it will enable a dramatic transformation of our product design portfolio representing approximately 15 percent of our revenue,” said IHS Chairman and Chief Executive Officer Jerre Stead. “GlobalSpec, combined with our global scale and industry expertise, will create an even greater destination for trusted product information and technical insight for GlobalSpec’s global community of more than seven million engineers. We will market our solutions to a large segment of engineers around the world who currently do not use IHS services.”
Founded in 1996, GlobalSpec provides its registered users with a domain-specific search engine for more than 3,500 current product, service and technology vertical categories, a vibrant community of engineers helping other engineers solve important problems, and more than 70 product and industry e-newsletters that help engineers and related professionals perform their key job tasks with the highest levels of accuracy and productivity.
“The acquisition of GlobalSpec is a significant development that presents a unique opportunity for IHS to transform our existing engineering specifications and standards business to long-term double-digit growth,” added IHS President and Chief Operating Officer Scott Key. “We will leverage IHS global scale in sales and market presence to create large strategic synergies and revenues as we elevate our Product Design business to accretive growth rates and margins.”
The company is a destination for engineers as well as suppliers of products and services that support a worldwide engineering audience. It has a global user base of more than seven million registered users – a user community that grew by 500,000 new registrants during 2011. GlobalSpec is headquartered in East Greenbush, N.Y. and employs approximately 230 people.
USA, Englewood, CO & East Greenbush, N.Y
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