Private equity investor Francisco Partners is to acquire family history specialist MyHeritage.Financial terms of the transaction have not been disclosed.
Since 2003, MyHeritage has pioneered a new approach to discovering family history, making it easier and more accessible to millions of people around the world. Founder-led and fuelled by a deep-seated passion for genealogy and a commitment to innovation, MyHeritage has built a successful, subscription-based global enterprise. Powered by unique and proprietary technologies, the MyHeritage platform is currently used by 62 million users worldwide and is available in 42 languages, which is a testament to the company’s international reach and diverse user base. MyHeritage users have collectively created more than 58 million family trees.
MyHeritage has invested heavily in developing technologies designed to help users make breakthrough discoveries in their family history research. The company amassed an extensive database of 13 billion historical records, including exclusive collections from many countries. The platform’s many features include world-class tools for colorizing and enhancing historical photos that are based on artificial intelligence.
“When I founded the company from my home eighteen years ago, I had a clear vision that drove me, and continues to drive me today – to make family history discovery easier using technology and to unlock the fun in genealogy: the human pursuit that bonds people,” says Gilad Japhet, Founder and CEO of MyHeritage. “With the help of an excellent and dedicated team, years of hard work, and with constant technological innovation, we created new and exciting ways for people to learn about their origins. In Francisco Partners we see a true partner for our journey ahead, not only demonstrated by the trust they are placing in our company through this acquisition, but in their desire for us to remain true to our vision by continuing along our path and helping us do what we do best – putting our users first and giving them life-enriching, and sometimes life-changing, experiences. This move will enable us to reach new heights, invest more resources in creating greater value for our users and to reach a larger audience. We’re incredibly excited for this next chapter in our company’s evolution.”
“By leveraging our operational expertise, market resources and strong industry networks, we believe Francisco Partners is uniquely positioned to help MyHeritage accelerate its vision for growth. We are deeply impressed by the incredible achievements and relentless determination of Gilad, a visionary leader in genealogy who has grown the company from a start-up to a profitable global market leader,” says Eran Gorev, Francisco Partners‘ President of Israel & Senior Operating Partner, who will join the MyHeritage board of directors upon the closing of the transaction. “We are looking forward to partnering with Gilad and the entire MyHeritage team to help drive market expansion for the company.”
“With its unmatched presence across Europe combined with its development of unique, cutting-edge technologies, MyHeritage is an ideal investment for Francisco Partners. The company has proven itself to be an innovation powerhouse through its robust subscription business, unique positioning, advanced technology portfolio, and international focus that has enabled it to build a superior user experience,” says Matt Spetzler, Co-Head of Europe and Partner at Francisco Partners, who will also join the MyHeritage board upon closing. “Francisco Partners shares MyHeritage’s vision for growth as well as its intense commitment to ensuring the privacy of its users. The users’ personal data is an extremely important priority and we will work together with MyHeritage to expand its already strong privacy framework going forward.”