Singapore’s GIC, Silver Lake invests in DNA testing company Ancestry

Singapore-based sovereign wealth fund GIC and US-based private equity firm Silver Lake have signed an agreement to purchase a substantial amount of shares in American online family history data and personal DNA testing company Ancestry.com LLC.

According to a release, Ancestry LLC is currently priced at an enterprise valuation of around $2.6 billion.

GIC and Silver Lake are acquiring shares from existing equity holders.

With this deal in place, Silver Lake will hold a minority ownership position in the genealogy firm. Current investors in Ancestry.com LLC, including GIC, however, will continue to own a majority of the company.

Founded in 1983, Ancestry.com LLC claims to have more than 2.2 million paying subscribers across its offerings. It uses 17 billion digitised historical records, 78 million family tress and 1.5 million DNA samples to allow users an insight to their own origins.

Tim Sullivan, President and CEO, Ancestry.com LLC, said, “Silver Lake’s and GIC’s investments constitute a vote of confidence in our future, an affirmation of the work we have done to build our company and, most importantly, a validation of the tremendous opportunities we see ahead.”

He added, “Silver Lake’s track record for successful technology investing at scale, coupled with its exceptional operational expertise, fits closely with our vision for accelerating growth across our entire business as we help people around the world learn more about who they are and where they come from. GIC, the Permira funds, and Spectrum Equity have been tremendous partners to Ancestry over the years, and we look forward to further deepening our relationship with these institutions as we continue to build out our business globally.”

“We have a long history of working closely with both Silver Lake and Permira, and we welcome this opportunity to partner with both firms to support Ancestry’s growth and create value together,” added Alex Moskowitz, Senior Vice President, GIC.

The company will be using this new investment to speed up its growth initiatives across all businesses, including a suite of family history products.

The deal is expected to close in the second calendar quarter of this year.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.