Astorg considers sale of IP software firm Anaqua, sources say

CLARIVATE

11/03/2024 13:16

By Emma-Victoria Farr and Amy-Jo Crowley
       FRANKFURT/LONDON, March 11 (Reuters) - Private equity
firm Astorg is considering a sale of its U.S.-based intellectual
property software firm Anaqua, four people familiar with the
matter told Reuters, with two of them saying the company could
be worth as much as $3 billion. 
    Astorg is in the process of appointing financial advisers to
gauge buyer interest in Anaqua, which offers software that
manages patents, trademarks and contracts for law firms and
corporations, the sources said.
    The process is in the early stages and Astorg is expected to
proceed with an auction in the second half of the year, the
people said, speaking on condition of anonymity.  
    Officials from Astorg and Anaqua did not immediately return
requests for comment. 
    Anaqua's competitors include French software firm Questel,
backed by IK Partners and Eurazeo, and British-American business
Clarivate  16A.F  formerly the intellectual property and science
division of Thomson Reuters, according to one of the sources.
    Questel is among those considering a possible bid for the
business, a fifth person familiar with the process said. Questel
and Eurazeo did not immediately return requests for comment. IK
Partners declined to comment.
    Astorg, which has 21 billion euros ($22.96 billion) of
assets under management, bought Anaqua in 2019 for an
undisclosed sum. Anaqua has since made a string of acquisitions
including Practice Insight in 2022 and Quantify IP, Actio IP and
SeeUnity in 2021.  
    Anaqua's annual earnings before interest, tax, depreciation
and amortisation (EBITDA) totalled around $80 million in 2023,
one of the people said.  
    Founded in 2004, Anaqua's global operations are
headquartered in Boston, with offices across the United States,
Europe and Asia.
    
($1 = 0.9148 euros)

 (Reporting by Amy-Jo Crowley in London and Emma-Victoria Farr
in Frankfurt, editing by Anousha Sakoui and Susan Fenton)
 ((Amy-Jo.Crowley@thomsonreuters.com;))