London, Oct. 23 (ANI): The world's biggest online genealogy search service, Ancestry.com is set to be bought out by a private equity company in a staggering 1.6 billion dollar deal.
The website announced that it had agreed a deal with London-based Permira after having rejected at least three earlier offers as they were not high enough.
The deal will likely make multi-millionaires not just out of the founding pair, but also out of Ancestry.com's chief executive Tim Sullivan and other senior executives, the Daily Mail reports.
According to the paper, Permira's offer of 32 dollars per share is a nearly 10 per cent higher than Friday's closing price for Ancestry.com of 29.18 dollars.
Ancestry.com started out as Ancestry Inc in the early 1980s when CD ROMs had not yet been invented and the only way to conduct research was by going to far flung libraries. It moved online in 1996 and three years ago it became Ancestry.com before going public on the stock market, the paper said.
The firm,w hich was launched by two entrepreneurial students, Paul Allen and Dan Taggart, now has 850 employees in 10 offices in the US and countries such as Britain, Italy and Germany with revenues of around 475 million dollars, the paper added. (ANI)