General Atlantic has acquired Network Solutions, a Herndon, Va.-based provider of online solutions for small businesses, from Najafi Cos. (f.k.a. Pivotal Private Equity). No financial terms were disclosed for the deal, which will not result in a change of senior management. www.networksolutions.com< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
NETWORK SOLUTIONS ANNOUNCES OWNERSHIP CHANGE
Herndon, VAÂ — February 6, 2007Â — Network Solutions, a leading provider of online solutions for small businesses, announced today that General Atlantic, a leading global private equity firm, has entered into a definitive agreement to acquire Network Solutions from Najafi Companies (formerly Pivotal Private Equity). Champ Mitchell, chairman and CEO of Network Solutions, and the current Network Solutions management team will continue to lead the company.Â Terms of the transaction were not disclosed.
“General Atlantic brings a long-standing wealth of knowledge, global resources and expertise in the technology sector that will assist us in continuing to expand our product and service offerings to help small businesses who want to establish and grow their companies online,” said Champ Mitchell, chairman and CEO of Network Solutions.Â “This new partnership should help us accelerate our current 30 percent top-line growth rate. Network Solutions is gaining a strong long-term partner with a solid track record of investing in companies and assisting with their strategic growth initiatives.”
“Today, there are more than one billion people using the Internet to search and shop for products and services, which is driving small businesses to establish and develop their online presence.Â This creates a tremendous opportunity for Network Solutions to help small businesses establish, enhance, and market their companies online,” said Anton Levy, managing director of General Atlantic.
Â “Network Solutions has one of the broadest portfolios of products in the industry, strong brand recognition, a solid understanding of the small business market and a dedicated team of professionals committed to providing the support and online expertise these companies need to be successful on the Web. With four million customers, it is one of the largest small business providers anywhere, especially on the Internet,” added Mark Dzialga, managing director of General Atlantic. “We are looking forward to working with Champ and his team.”
Network Solutions, which Najafi Companies purchased from VeriSign Inc. in November 2003, was the first company acquired by the newly formed private equity firm. During its tenure with Najafi Companies, Network Solutions transformed itself from a domain registrar to a leading provider of online services and solutions for small business customers.
Â “General Atlantic and Najafi Companies share similar investment philosophies, including a focus on investing for the long-term, creating value through growth and committing to investments to ensure their success,” said Jahm Najafi, CEO of Najafi Companies. “This agreement is beneficial for all parties, positioning Network Solutions to continue its market leadership and growth.”
About Network Solutions
Network Solutions, LLC, a leading provider of online solutions for small businesses who want to be found on the Internet or sell online, and the pioneer of the domain name registration service, offers a full range of Web-related services, including Web hosting, Web site design, e-commerce, search engine marketing, SSL certificates, e-mail and domain name registration services.Â Network Solutions draws on 27 years of experience to make it simple and affordable for customers to build and manage an online presence through a one-stop Web Solutions provider.Â Additional information about Network Solutions’ offerings is available at www.networksolutions.com.
About General Atlantic
General Atlantic LLC is a leading global private equity firm providing capital for growth companies driven by information technology or intellectual property. The firm was founded in 1980 and has approximately $12 billion of capital under management. General Atlantic has invested in over 150 companies, with current holdings in 50 portfolio companies of which aboutÂ one-half are based outside the United States. The firm is distinguished within the investment community by its global strategy and worldwide presence, its commitment to provide sustained value-added assistance for its portfolio companies and its long-term approach.Â General Atlantic has over 70 global investment professionals amongÂ its 150 employees worldwide with offices in Greenwich, New York, Palo Alto, London, D