Israeli startup company MyHeritage - which offers various platforms for users to discover their family history using advanced information cross-referencing technology - has been bought by the Francisco Partners global investment firm.
While the companies did not disclose the precise amount paid for the Israeli tech company, the purchase of MyHeritage is estimated to be at around $600 million or more.
“When I founded the company at my home 18 years ago, I had a clear vision that motivated me, and continues to motivate me even today, to enable the discovery of family history through advanced technology,” says the company’s founder and CEO Gilad Japhet.
"It's hard to be a promising start-up company for 17 years. Among the options we had on the horizon, FP proved to be the most suitable for me. They are the factor that most wants to bring the company to an exit and I want to change the world,” he adds.
“I am going to continue with the company to the next exit along with FB, my management and my employees. All business as usual. We are on our way to the next exit.”
Since its inception in 2003, MyHeritage has been offering an innovative and accessible approach to discovering family history for millions of users worldwide. The website, application and PC program operated by MyHeritage currently has 62 million registered users worldwide and are all available in 42 languages.
The popularity of MyHeritage is thanks in part to the company’s extensive database of 13 billion historical records, which also includes exclusive collections from many countries.
The many features of the platform also include tools for coloring and enhancing historical images using artificial intelligence-based technology.
In addition to its business activities, MyHeritage has used its tools and services to make a positive impact on the world.
Its pro-bono initiatives include “DNA Quest” - an initiative that helps adoptees reunite with their biological families by utilizing thousands of donated DNA tests - and “Tribal Quest” - an initiative that helps document the family history and cultural heritage of endangered tribes from around the world.
MyHeritage has also erected a dedicated lab to decipher coronavirus tests in Israel, in order to save lives and help Israel fight the pandemic.
“By leveraging our operational expertise, market resources and strong industry ties, we believe that Francisco Partners can greatly help MyHeritage accelerate its vision for growth," says Eran Gorev, senior partner at Francisco Partners and the director of the Fund's Activities in Israel.
"We look forward to partnering with Gilad and the entire MyHeritage team to help expand the company's target market.”