Information services company, Wolters Kluwer, has announced that the company has agreed to sell trademark search and monitoring platform Corsearch to private equity entity Audax Group for $140 million. Wolters Kluwer Governance, Risk & Compliance confirmed the acquisition of trademark search platform Corsearch in a press release dated October 23, 2017.
The press release follows an announcement earlier this year where Wolters Kluwer stated that the company was to open a review into strategic alternatives for Corsearch, which it had purchased in early 2000.
According to the press release, the industry in which Corsearch operates is “evolving from providing traditional trademark clearance and protection services to delivering end-to-end digital solutions for brand management and marketing professionals. Although this presents new opportunities for Corsearch, Wolters Kluwer GRC has decided to focus its investment on developing its core regulatory compliance and risk management software and services for corporations, financial institutions, and law firms.”.
Tobias Hartmann, General Manager of Corsearch, said, “I am proud of all that Corsearch has achieved with Wolters Kluwer. We are excited to be partnering with Audax as their vision aligns strongly with Corsearch’s existing business and growth strategy. Audax’ operational and international experience will be a valued resource to us in the next stage of our growth.”
The transaction, which is subject to customary closing conditions, is expected to be completed prior to the end of 2017. Corsearch had revenues of approximately €50 million in 2016 and employs 211 FTEs in 9 countries.