Silverchair Announces Aggressive Strategic Growth Plan, Focuses Strategy and Resources Through Divestiture
Charlottesville, VA, May 22, 2012—Silverchair Holdings, Inc. today announced the sale of Silverchair Learning Systems (SLS), the leading provider of online learning and information solutions for the senior care industry, to Vista Equity Partners (Vista),a private equity firm focused on investing in software and technology-enabled businesses. The transaction closed on May 4, 2012.
Proceeds of the divestiture will be used to fund growth opportunities for Silverchair’s principal business: Silverchair Information Systems (Silverchair), which provides advanced semantic product development solutions to scientific, technical, and medical (STM) publishers, professional societies, and the federal government. Unprecedented market demand for Silverchair’s new platform offering, SCM6, has created an opportunity to invest significant additional executive and financial resources in its groundbreaking technology. The divestiture of SLS will enable Silverchair to calibrate its vision and resources by accelerating technology investments, maximizing market opportunities, and building market share in the STM information and knowledge management space.Information industry analyst Outsell’s recent report on STM publishing platforms identifies the launch of SCM6 as one of the reasons behind the “significantly accelerating innovation and change for the STM publishing platform.”
“Today’s transaction is part of our long-term strategic plan to focus on Silverchair’s core competency of developing innovative technology platforms for STM publishers – a market we have successfully served for nearly 20 years,” said Thane Kerner, CEO of Silverchair Holdings. “This transaction will accelerate our development of the technologies that help make our publishing partners successful by both providing additional funding and by bringing a singular focus to our business.”
“We are deeply grateful for the great guidance and support we’ve received over the past 10 years as part of the Silverchair Holdings team,” said Mike Mutka, President and COO of Silverchair Learning Systems. “This transaction is a win for everyone, because it allows Silverchair Information Systems to focus on their exciting new market opportunities, while connecting us with a partner that is eager to invest aggressively in growing the SLS business. We couldn’t be more delighted to be a part of the team at Vista Equity Partners.”
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, acted as the exclusive advisor to Silverchair in its sale of SLS.