LONDON and PROVO, Utah, July 15, 2010 (GLOBE NEWSWIRE) -- Ancestry.com Inc. (Nasdaq:ACOM) today announced the closing of its acquisition of Genline.se, the leading Swedish family history Web site.
Genline currently has more than 17,000 paying members with access to 26 million pages of digitized Swedish church records spanning more than 400 years from the 17th to the 20th century.
On July 15, 2010, the offer from Ancestry.com was approved by Genline Holding AB's public shareholders. Following the approval, Ancestry.com acquired all shares of Genline AB for approximately 53 million Swedish kronor in cash with an adjustment for net working capital. Based on a July 15, 2010 exchange rate of SEK 7.39 to US $1.00, the net purchase amount approximates US $7.2 million.
Brett Bouchard, Managing Director Europe for Ancestry.com Inc., comments: "The combination of the Ancestry.com family of websites and Genline.se will benefit users of all Ancestry sites by offering access to a greater amount of important historical content and broadening the active member community vital to researching family history. We are excited to welcome the employees and members of Genline into the Ancestry.com family."
Ancestry.com Inc. (Nasdaq:ACOM) is the world's largest online family history resource, with more than one million paying subscribers. More than 5 billion records have been added to the site in the past 13 years. Ancestry users have created more than 17 million family trees containing over 1.7 billion profiles. Ancestry.com has local Web sites directed at nine countries, including its flagship Web site at www.ancestry.com.
Genline AB is the Swedish market leader in genealogy and local heritage research. Its collection of Swedish church records contains more than 26 million digitalized pages of records dating from the 1600's to the 1900s.
Genline also operates Familjeband.se, a web-based genealogy software and community for people interested in family, genealogy and local heritage, and Bygdeband, a social networking archive that enables local heritage societies to digitize their archives.
This press release contains forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from those anticipated in these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "appears," "may," "designed," "expect," "intend," "focus," "seek," "anticipate," "believe," "estimate," "predict," "potential," "should," "continue" or "work" or the negative of these terms or other comparable terminology. These statements include statements describing our subscriber base, our activities to enhance subscribers' experience, our business outlook and our opportunities and prospects for growth. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or achievements.
Factors that could materially affect actual results, levels of activity, performance or achievements, and our ability to execute on our business strategy include those listed under the caption "Risk Factors" of the Ancestry.com Annual Report on Form 10-K for the year ended December 31, 2009.
We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.
CONTACT: Brainerd Communicators, Inc. Investors: Corey Kinger (212) 986-6667 firstname.lastname@example.org Media: Ray Yeung email@example.com Jo Anne Barrameda firstname.lastname@example.org (212) 986-6667
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.