Aug. 11--Information technology firm Answers Corp., the parent company of Answers.com, is being acquired by funds advised by private equity firm Apax Partners.
Based in University City, Answers Corp. said it will keep its local headquarters. Founded in 1998, Answers Corp. has 107 local employees, in addition to offices in Ann Arbor, New York City, Silicon Valley, Cleveland, London, Vancouver and Tel Aviv.
Terms of the sale, which is expected to close in the fourth quarter of 2014, were not disclosed.
The funds advised by Apax are buying Answers Corp. from Summit Partners. Some of Answers' senior management will invest alongside Apax Funds and maintain a significant equity interest in the company, the company announced Monday.
"Over recent years, we have strategically transformed Answers from a global pure play Internet media entity into a premier provider of customer lifecycle solutions for enterprises. We've achieved this by enabling brands and organizations to manage and disseminate content, reach a large, highly engaged audience, and gain actionable insights into their experiences," Answers' CEO David Karandish said in a statement. "We now look forward to working with Apax to accelerate our ongoing evolution."
Lisa Brown is a business reporter at the Post-Dispatch. Follow her on Twitter @LisaBrownSTL and the Business section @postdispatchbiz.
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