Clarivate announced in June 2021 that it would acquire ProQuest in a transaction valued at $5.3 billion. This acquisition, the largest ever in the library technology industry was originally slated to close in the third quarter of 2021. Due to additional time needed for regulatory approval from the Federal Trade Commission, the closing date was delayed. Clarivate announced on December 1, 2021 that the deal had closed, implying that it had gained FTC approval.
This acquisition was covered in depth in the July 2021 issue of Smart Libraries Newsletter. This feature included the available details of the transaction, outlined the product areas impacted by the merger, the ownership and business history of ProQuest and Clarivate.
ProQuest had previously faced an FTC review following its acquisition of Innovative Interfaces. This review came after the close of the business transaction, delaying the full integration of Innovate into ProQuest. In November 2021, ProQuest announced that the FTC review had concluded with no stipulations imposed.
The acquisition of ProQuest by Clarivate was opposed by some libraries and organizations. SPARC, for example, issued a letter opposing the Merger between Clarivate and ProQuest. Following the news that the merger had closed, SPARC issued a press release, including the statement:“ The merger, which follows review by the Federal Trade Commission (FTC), increases concerns over the negative impacts that continued consolidation across the research enterprise will have on the academic community.”
With the completion of Clarivate's acquisition of ProQuest, the process of business integration will proceed. Documents issued surrounding the announcement merger stated a planned savings of $100 million in operational costs expected through the merger. During the next year or so, whether those savings are realized and how they will be achieved will become apparent.
In January 2022, Clarivate announced some shifts in leadership, with the appointment of Gordon Samson as Chief Product Officer. Samson previously served as the President of Clarivate's Intellectual Property division. Mukhtar Ahmed, President of the Science Segment of Clarivate exits following a transition period expected to conclude in April 2022.
Clarivate continues to make additional business acquisition. In December 2022, it acquired Patient Connect, a company that developed a clinical messaging solution that connects physicians and pharmacists to patients.