Major library systems company Ex Libris, owned by Michigan-based ProQuest, has signed an agreement to acquire competitor Innovative, in a move that significantly strengthens Ex Libris' already powerful position in the marketplace.
Innovative will become a business unit within Ex Libris, with the latter promising that "the Innovative products that customers have relied on for many years will continue to be supported and enhanced".
Ex Libris president Bar Veinstein said: "I am excited to welcome Innovative’s experienced team and its customer community to Ex Libris and ProQuest. We are pleased to continue investing in people and technology that support our customers’ initiatives to shape the future of libraries. Customers of both Ex Libris and Innovative will gain from the companies’ proven record of innovation, greater combined resources, and talent with decades of library domain expertise.”
Shaheen Javadizadeh, Innovative c.e.o., promised that: “As part of Ex Libris, we will give our customers more value through a complementary portfolio of solutions, an expanded knowledge-sharing community, and broader global reach.”
Higher Education Library Technology has reported that Ex Libris has a share of 36.3% of the UK Higher Education institutional library systems market, with Innovative claiming 18.1%, giving the combined two firms more than 50% of the market.
The deal is expected to close in early 2020.