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HighWire Press, a technology service provider to scholarly publishers and an auxiliary unit of Stanford University Libraries, has received a significant equity investment from private equity firm Accel-KKR.
The new partnership enables HighWire to further its investment in strategic initiatives and digital innovations in internet-based publishing.
The investment from Accel-KKR will enable HighWire Press to operate as a standalone enterprise. Accel-KKR will own a majority interest of the company and Stanford University will maintain a significant minority stake. Michael A. Keller, university librarian at Stanford, will serve as the Stanford representative on the HighWire Press board of directors.
HighWire was founded in 1995 under the leadership of Keller, to ensure its partners - academic societies and independent publishers - would remain strong and able to lead the transition toward use of new technologies for scholarly communication.
HighWire facilitates the development, dissemination and discovery of nearly 4,000 prominent journals, books, and other scholarly works online, as well as a manuscript submission, tracking, and peer review system for journal editors.
Current general manager Tom Rump will continue to lead the organisation as chief executive.
"By partnering with Accel-KKR, HighWire will have the opportunity to leverage new resources to achieve an even greater impact on the delivery of scholarly information and thus on the rate of discovery of knowledge," says Keller. "In order to continue to expand our rapid response to technological developments and the growing needs of our customers, an influx of new capital was necessary."
"The HighWire team has built an outstanding business," says Ben Bisconti, managing director at Accel-KKR. "The team, their customers and the technology platform are world class. We are excited about partnering with Stanford to continue supporting Tom and the rest of the HighWire team as they focus on delivering market leading solutions to their customers."
HighWire Press will continue to operate out of its headquarters office in Redwood City, California, as well as its satellite offices on the East Coast and in the UK.
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