The Israeli online genealogy platform MyHeritage announced Wednesday it has reached an agreement to be purchased by US private equity firm Francisco Partners.
A statement from MyHeritage said the sides signed a definitive agreement, but didn’t disclose financial details of the deal. Sources told Hebrew media the deal was valued at over $600 million.
“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,” MyHeritage CEO Gilad Japhet said.
Francisco Partners called MyHeritage an “ideal investment” and said the companies share a commitment to further expanding the genealogy platform and ensuring user privacy.
“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,” Matt Spetzler, a partner at the San Francisco-based equity firm, said in a statement.
Founded in 2003, MyHeritage provides private DNA testing services for individuals looking to trace their genealogy.
Last year, the company inked a deal with Israel’s Defense Ministry to perform coronavirus tests and process them at its laboratory.