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Jan. 19, 2015 Source: Penton news release Penton, North America's largest privately held professional information services company, announced today that it has acquired iNET Interactive, a leading event and digital information company that focuses on the booming Cloud, Hosting and Data Center segments of the technology sector. Industry sources expect these segments to experience annual growth of 25-30% in the years ahead. "A core element of our strategy is creating scaled positions in advantaged sectors. This acquisition doubles our tech sector footprint, and does so in exceptionally fast growing segments. The acquisition of this high quality business allows us to take immediate advantage of the rapid growth being experienced in this segment," said David Kieselstein, Penton CEO. "Moreover, we'll be able to accelerate iNET's growth as we leverage our excellent shared service growth capabilities. This is a proven model at Penton, and we're excited to have found a perfect fit in iNET." EXCEPTONAL ASSETS IN FAST GROWING CLOUD, HOSTING AND DATA CENTER SEGMENTS The acquisition adds outstanding event and digital assets to the Penton Technology portfolio, including: Cloud and Hosting • The premier hosting tradeshow series (HostingCon), including events in the US, China, India and Asia • The largest online hosting and cloud community (Web Hosting Talk) and leading blog (The WHIR) • The largest directory of resources for web developers • One of the largest database administrator communities with over 550,000 members Data Centers • The leading data center tradeshow series (Data Center World) • The leading position in the Data Center content industry (Data Center Knowledge) • The largest data center industry association (AFCOM) with over 40 chapters and 4,500 data center members worldwide, including more than half of the Fortune 500 iNET also strengthens Penton's fast growing marketing service business with access to data and insights from a combined 7.8 million highly targeted business and technology decision makers. PENTON'S PROVEN GROWTH MODEL iNET Interactive shares identical attributes with Penton's other highly successful acquisitions over the past few years with Farm Progress Group in 2012 via Fairfax Media [ASX:FXJ] and Aviation Week in 2013 via McGraw Hill Financial [NYSE:MHFI]. In all cases, Penton has acquired quality assets that complement existing Penton sector businesses and create scaled leadership in attractive, growth oriented markets. Additionally, Penton unlocks additional growth for these businesses by utilizing its best in class capabilities engine in areas such as marketing services, digital and data product development, events management and marketing automation. Troy Augustine, iNET Chief Executive Officer said, "The iNET team has worked diligently to build iNET into the strong company it is today. We are proud to have been recognized for seven consecutive years on the Inc. 5000 list of fastest-growing, private companies. Now as a part of Penton, iNET will have access to a broad array of corporate capabilities that can be leveraged quickly and effectively. Simply put, Penton can take iNET to the next level of growth." iNET will join other leading Penton Technology properties such as MSP Mentor, The VAR Guy and IT Connections franchise that serve IT Professional, IT Channel and Business Decision Makers under the leadership of Penton Group President Sanjay Mutha, as Augustine transitions from the business. "Troy has built an excellent business, and I know he will have continued success as he moves to his next entrepreneurial venture," said Mutha. iNET FURTHERS PENTON'S SUCCESSFUL TRANSFORMATION Over the past few years, Penton has successfully transformed into a professional information services company with fast growing digital/data, events and marketing services as its predominant sources of revenue and EBITDA. In 2015, over 70% of revenues and over 80% of EBITDA will come from these lines of business, which are showing double digit revenue growth. Growth has been supported by a balanced, three pronged approach of new product development, continuous improvement of the existing portfolio and strategic acquisitions. SunTrust Robinson Humphrey acted as exclusive financial advisor to iNET Interactive. The financial terms of the transaction were not disclosed. Penton Farm Progress is a Penton business. Penton Farm Progress Group, www.PentonFarmProgress.com, is the largest most diversified agriculture information business in North America. Through a robust network of live events, digital products, data, marketing services, broadcasting and publications, Penton Farm Progress is connected to nearly all of the nation's most economically significant farmers, growers and ranchers. This comprises nearly 75% of the 2.2 million farms and ranches in the U.S., and an estimated 85% of the nation's annual agricultural gross domestic product. Tweet |
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