Herndon, Virginia – (The Hosting News) – February 8, 2007 – Web hosting provider, domain name registration and services firm, Network Solutions, has entered into a definitive agreement to be acquired by global private equity firm, General Atlantic. The current Network Solutions management team, including Chairman and CEO, Champ Mitchell, will continue to lead the company.
Champ Mitchell, Chairman and CEO of Network Solutions remarked, ”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. 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.â€
Anton Levy, Managing Director of General Atlantic added, â€œToday, 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. This creates a tremendous opportunity for Network Solutions to help small businesses establish, enhance, and market their companies online.â€
Mark Dzialga, Managing Director of General Atlantic offered, â€œNetwork 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. We are looking forward to working with Champ and his team.â€
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.
Jahm Najafi, CEO of Najafi Companies commented, â€œGeneral 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. This agreement is beneficial for all parties, positioning Network Solutions to continue its market leadership and growth.â€
General Atlantic LLC is a 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 about 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. General Atlantic has over 70 global investment professionals among its 150 employees worldwide with offices in Greenwich, New York, Palo Alto, London, DÃ¼sseldorf, Hong Kong and Mumbai.
Najafi Companies is a private investment firm based in Phoenix, Arizona. The firm makes highly-selective investments up to $2.5 billion in size in companies with strong management teams across a variety of industries, and often in industries out of popular favor. The firm takes a long-term view on its investments and focuses its efforts to create value through growth and superior performance. Najafi Companies funds investments with its principalsâ€™ capital, not through a fund. Free from the restrictions of a fund, the firm is able to move quickly and decisively when investing, and with no requirements to return capital to outside partners, Najafi Companies is able to make investments that create maximum value for the long term.
Network Solutions, provider of web based solutions and domain name registration services, offers a full range of web based services, including web hosting, web site design, e-commerce, online marketing, security services, e-mail and domain name registration services. Network Solutions draws on 26 years of experience to make it easy and affordable for customers to get online with tailored solutions that deliver tremendous value.
For more information about Najafi Companies, please visit: www.najafi.com.
To learn more about General Atlantic, please visit: www.generalatlantic.com.
For more information about Network Solutions, please visit: www.networksolutions.com.