MyHeritage, a Lehi-based online genealogy platform, has announced that Francisco Partners, a global investment firm based in Menlo Park, California, that specializes in partnering with technology businesses, has signed an agreement to acquire the company. The financial terms of the transaction were not disclosed.
Founded in 2003, MyHeritage has built a subscription-based global enterprise helping families discover their heritage. The MyHeritage platform is currently used by 62 million users worldwide and is available in 42 languages. MyHeritage users have collectively created more than 58 million family trees. The company has amassed an extensive database of 13 billion historical records, including exclusive collections from many countries. The platform’s features include tools for colorizing and enhancing historical photos that are based on artificial intelligence.
“When I founded the company from my home 18 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,” said 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,” said Eran Gorev, Francisco Partners’ president of Israel and 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.”