Deal will “build a world leader in research and innovation”, says innovation information company
The data and innovation analytics firm Clarivate has completed its acquisition of the research and library-focused company ProQuest in a $5.3 billion deal.
ProQuest is the owner of higher education services provider ExLibris, the publisher of Research Professional News, while Clarivate runs the Web of Science citation database.
In a 1 December announcement, Clarivate confirmed that the deal originally announced in May had been completed, for approximately $4bn in cash and $1.3bn of equity.
Andy Snyder, vice chairman of Clarivate and previously chairman of ProQuest, said he was “looking forward to working with both organisations to build a world leader in research and innovation”.
Jerre Stead, executive chairman and chief executive of Clarivate, said: “We are delighted to complete this transaction, advancing our position as a world-leading information and analytics provider fuelling discovery and innovation by empowering research-focused organisations around the globe.”
In an initial announcement of the deal on 17 May, Clarivate said the acquisition would make it a provider of “end-to-end research intelligence solutions” because it “moves the academic analytical capabilities of Clarivate beyond its traditional realm of journal publication data and citations into a much wider range of information sources”.