Ziff Davis Acquired by Digital Media Executive Vivek Shah and Great Hill Partners
(Press Release) NEW YORK, June 4, 2010 — Ziff Davis, one of the nation's leading technology publishers, has been acquired by former Time Inc. executive Vivek Shah in partnership with Boston-based Great Hill Partners. The acquisition represents the first step in building a new digital media company that specializes in producing and distributing content for consumers making important buying decisions.
Ziff Davis is headquartered in New York and its writers, editors and analysts produce award-winning and respected consumer electronics and technology content on the Web, and on other digital platforms including smart phones, e-readers and tablet devices. The nine Ziff Davis properties being acquired are PCMag.com, ExtremeTech, GearLog, GoodCleanTech, DL.tv, AppScout, CrankyGeeks, Smart Device Central and TechSaver.com, which reach over 7 million users per month.
"This is an unusual opportunity to acquire a recognized category leader with a very deep team of talent that has already fully transitioned to digital," said Shah, who begins today as CEO of the new Ziff Davis. "Ziff Davis is an incredible foundation off which to build an exciting new digital media company focused on delivering fantastic content to our audience and unprecedented opportunities to marketers."
Shah, in over 14 years at Time Inc., created one of the company's most successful digital ventures in CNNMoney.com, the 2nd largest financial site on the Web. Shah also oversaw some of the company's other large digital businesses, including Time.com and SI.com, and previously served as the president of Fortune and Money magazines. An active member of the digital media community, Shah serves on or has served on the boards of TheStreet.com, ShareThis and the Interactive Advertising Bureau, and on the advisory boards of AdSafe Media and Outbrain.
"This stable of really sound media properties is a fantastic starting point to building a new digital media company," said Chris Gaffney, Managing Partner of Great Hill Partners. "Having a talented, experienced digital media pioneer like Vivek made us even more eager to participate."
One of the most attractive assets of the company is Ziff Davis Labs, the largest and first computer testing lab in the industry, Ziff Davis Labs provides objective, benchmark-based product testing run by industry-leading analysts. For many in the tech industry, ratings from Ziff Davis properties are considered the industry gold-standard. Continuing to deliver and distribute this increasingly valuable and objective source of information to consumers who are "in market" is a key value driver of Ziff Davis.
GCA Savvian Advisors acted as exclusive financial advisor to Ziff Davis on this transaction. Specific financial terms of the acquisition are not being disclosed.
About Ziff Davis
Ziff Davis is a leading digital media company specializing in the technology market, reaching over 7 million highly engaged in-market buyers and influencers every month. Ziff Davis sites, which feature trusted and comprehensive evaluations of the newest and hottest products, include PCMag.com, ExtremeTech, GearLog, GoodCleanTech, DL.tv, AppScout, CrankyGeeks, Smart Device Central and TechSaver.com.
About Great Hill Partners
Great Hill Partners is an investment firm that manages over $2.7 billion in capital and focuses on investing in growth companies operating in the business and consumer services, media, transaction processing and software industries. Great Hill Equity Partners IV, L.P. and its affiliates target equity investments of $50 million to $150 million. For more information, please visit the Great Hill Partners web site at www.greathillpartners.com.