Press Release: Penton Acquires iNET Interactive, a Leading Event and Digital Information Company Serving the Cloud, Hosting, and Data Center Segments
New York, NY, January 16, 2014 - Penton, North America's largest privately held professional information services company, announced today that it has acquired iNET Interactive, a leading event and digital information company that focuses on the booming Cloud, Hosting and Data Center segments of the technology sector. Industry sources expect these segments to experience annual growth of 25-30% in the years ahead.
"A core element of our strategy is creating scaled positions in advantaged sectors. This acquisition doubles our tech sector footprint, and does so in exceptionally fast growing segments. The acquisition of this high quality business allows us to take immediate advantage of the rapid growth being experienced in this segment," said David Kieselstein, Penton CEO. "Moreover, we'll be able to accelerate iNET's growth as we leverage our excellent shared service growth capabilities. This is a proven model at Penton, and we're excited to have found a perfect fit in iNET."
Exceptional Assets in Fast Growing Cloud, Hosting and Data Center Segments
The acquisition adds outstanding event and digital assets to the Penton Technology portfolio, including:
Cloud and Hosting
- The premier hosting tradeshow series (HostingCon), including events in the US, China, India and Asia
- The largest online hosting and cloud community (Web Hosting Talk) and leading blog (The WHIR)
- The largest directory of resources for web developers
- One of the largest database administrator communities with over 550,000 members
- The leading data center tradeshow series (Data Center World)
- The leading position in the Data Center content industry (Data Center Knowledge)
- The largest data center industry association (AFCOM) with over 40 chapters and 4,500 data center members worldwide, including more than half of the Fortune 500
iNET also strengthens Penton's fast growing marketing service business with access to data and insights from a combined 7.8 million highly targeted business and technology decision makers.
Penton's Proven Growth Model
iNET Interactive shares identical attributes with Penton's other highly successful acquisitions over the past few years with Farm Progress Group in 2012 via Fairfax Media [ASX:FXJ] and Aviation Week in 2013 via McGraw Hill Financial [NYSE:MHFI]. In all cases, Penton has acquired quality assets that complement existing Penton sector businesses and create scaled leadership in attractive, growth oriented markets. Additionally, Penton unlocks additional growth for these businesses by utilizing its best in class capabilities engine in areas such as marketing services, digital and data product development, events management and marketing automation.
Troy Augustine, iNET Chief Executive Officer said, "The iNET team has worked diligently to build iNET into the strong company it is today. We are proud to have been recognized for seven consecutive years on the Inc. 5000 list of fastest-growing, private companies. Now as a part of Penton, iNET will have access to a broad array of corporate capabilities that can be leveraged quickly and effectively. Simply put, Penton can take iNET to the next level of growth."
iNET will join other leading Penton Technology properties such as MSP Mentor, The VAR Guy and IT Connections franchise that serve IT Professional, IT Channel and Business Decision Makers under the leadership of Penton Group President Sanjay Mutha, as Augustine transitions from the business. "Troy has built an excellent business, and I know he will have continued success as he moves to his next entrepreneurial venture," said Mutha.
iNET Furthers Penton's Successful Transformation
Over the past few years, Penton has successfully transformed into a professional information services company with fast growing digital/data, events and marketing services as its predominant sources of revenue and EBITDA. In 2015, over 70% of revenues and over 80% of EBITDA will come from these lines of business, which are showing double digit revenue growth. Growth has been supported by a balanced, three pronged approach of new product development, continuous improvement of the existing portfolio and strategic acquisitions.
SunTrust Robinson Humphrey acted as exclusive financial advisor to iNET Interactive. The financial terms of the transaction were not disclosed.
Penton drives performance for more than sixteen million professionals each and every day. They rely on us to deliver: insights, information & workflow tools to inform critical business decisions; networking & community to engage them with industry peers & partners; and data & marketing services to advance their business performance & deliver ROI.
Penton is a growth company with a track-record of strong performance and success and is backed by its co-owners: MidOcean Partners and U.S. Equity Partners II, an investment fund sponsored by Wasserstein & Co., LP.
For additional information on the company and its businesses, visit www.penton.com.
About iNET Interactive
Founded in 2002, iNET Interactive (www.iNETinteractive.com) serves special interest communities in fast growing technology segments through prominent events and digital information products. The company is based in West Chester, OH.