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Ancestry.com to Acquire Sweden's Genline.se
GlobeNewswire 2010-06-14
LONDON and PROVO, Utah, June 14, 2010 (GLOBE NEWSWIRE) --
-- Leading Swedish Family History website
-- 26 million pages of family history records, 16th-20th century
Ancestry.com Inc. (Nasdaq:ACOM), the world's largest online family
history resource, today announced that it has agreed to acquire the
leading Swedish family history website Genline.se.
Total consideration for Genline is approximately US$6.7 million, to be
paid in cash at closing. The offer has been accepted by Genline's Board
of Directors but remains subject to approval of Genline Holding AB's
public shareholders and other ordinary course closing conditions.
Genline expects to provide proxy materials to shareholders immediately
and hold a Special Meeting of Stockholders shortly to vote on the
transaction. Genline trades on the Stockholm exchange AktiTorget under
the ticker symbol GENL.
Upon completion of the transaction, Genline will join Ancestry.com's
family of nine web properties globally, which together serve more than
1.2 million subscribers and host over five billion historical records
and 17 million family trees containing 1.7 billion profiles.
Genline currently has more than 17,000 paying members with access to 26
million pages of digitized Swedish church records spanning more than
400 years from the 16th to the 20th century.
Josh Hanna, SVP and General Manager, International, Ancestry.com Inc.,
comments: "The Genline.se transaction, our first international
acquisition, represents an exciting opportunity for Ancestry.com to
access Sweden's avid family history community and to provide
Ancestry.com subscribers of Swedish heritage in the U.S. and other
markets with access to important historical content.
"For Genline members, the millions of US and Canadian records with
Swedish relevance will provide many new opportunities to discover North
American ancestors."
Mikko Ollinen, Genline AB Managing Director, comments: "We are
delighted that Ancestry.com sees the potential of Genline. Together we
look forward to continuing to grow our business in Sweden and to making
new and exciting historical records, both local and international,
available to our members."
Ancestry.com expects to acquire all shares of Genline AB for
approximately 53 million Swedish kronor with an adjustment for net
working capital. Based on a June 11, 2010 exchange rate of SEK7.94 to
US$1.00, the net purchase amount approximates US$6.7 million
Genline's 2009 reported revenue was $2.4 million. Ancestry.com does not
expect the acquisition to have a material impact on its financial
guidance as issued in connection with its first quarter earnings
release on April 29, 2010.
Forward-looking Statements
This press release contains forward-looking statements. These
statements relate to future events or to future financial performance
and involve known and unknown risks, uncertainties, and other factors
that may cause our actual results, levels of activity, performance, or
achievements to be materially different from those anticipated in these
forward-looking statements. In some cases, you can identify
forward-looking statements by the use of words such as "appears,"
"may," "designed," "expect," "intend," "focus," "seek," "anticipate,"
"believe," "estimate," "predict," "potential," "should," or "continue"
or the negative of these terms or other comparable terminology. These
statements include statements describing our subscriber base, our
activities to enhance subscribers' experience and our business outlook.
You should not place undue reliance on forward-looking statements
because they involve known and unknown risks, uncertainties and other
factors that are, in some cases, beyond our control and that could
materially affect actual results, levels of activity, performance, or
achievements.
Factors that could materially affect actual results, levels of
activity, performance or achievements, and our ability to execute on
our business strategy include those listed under the caption "Risk
Factors" of the Ancestry.com Annual Report on Form 10-K for the year
ended December 31, 2009.
We assume no obligation to publicly update or revise these
forward-looking statements for any reason, whether as a result of new
information, future events, or otherwise.
About Ancestry.com
Ancestry.com Inc. (Nasdaq:ACOM), the world's largest online family
history resource, has digitised and put online over five billion
records over the past 13 years. Ancestry users have created nearly 17
million family trees containing 1.7 billion profiles. Ancestry.com Inc.
has web properties directed at nine countries, including its flagship
website at http://www.ancestry.com
About Genline.se
Genline AB is the Swedish market leader in genealogy and local heritage
research. Its collection of Swedish church records contains more than
26 million digitalized pages of records dating from the 1600's to the
1900s.
Genline also operates Familjeband.se, a web-based genealogy software
and community for people interested in family, genealogy and local
heritage, and Bygdeband, a social networking archive that enables local
heritage societies to digitize their archives.
CONTACT: Brainerd Communicators, Inc.
Media:
Ray Yeung
yeung@braincomm.com
Jo Anne Barrameda
barrameda@braincomm.com
(212) 986-6667
Investors:
Corey Kinger
(212) 986-6667
investorrelations@ancestry.com
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