In a year that has seen almost no IPO offerings, the street is buzzing with the news that the Provo, Utah based genealogy company, Ancestry.com Inc. has filed for an IPO and plans to raise about $75 million in the public offering. Many in the genealogy community have been expecting this for years
, especially following the $300 million majority buyout
by Spectrum Equity Investors in 2007 (was it really that long ago?). Ancestry.com Inc plans to trade on the Nasdaq or NYSE under ticker symbol ACOM.
Ancestry.com was founded way back in 1983 as a publisher of family history books and added Ancestry Magazine in 1994. It first went online in 1997 and has since grown to a subscription-based genealogy giant with nearly 1 million paying customers. According to the filing, Ancestry.com earned 2.3 million on revenues of $197.5 million in 2008, and had 913,683 subscribers to its online services at the end of its 2008 fiscal year.