GLG may consider opportunistic buys following USD 212m capital raise
March 08, 2016
Gerson Lehrman Group (GLG), a New York, New York-based platform for professional learning, may consider making small technology acquisitions, CEO Alexander Saint-Amand said.
The company has worked with Evercore Partners in the past. Kirkland & Ellis regularly handles the company’s legal affairs.
A potential target may be a learning platform or a technology for scaling, or a video and distribution channel, Saint-Amand said.
Saint-Amand declined to say how much the company may spend on such a target, but said that it is likely to be quite small and financed with existing capital, cash and funds from its recent capital raise.
In December 2015 GLG announced a USD 212m capital raise led by New York-based SFW Capital Partners.
The company has several hundreds of investors, including a large number of individuals and some institutional investors, Saint-Amand said. Bessemer Venture Partners is one of them, he added. No one has a majority stake, he said without providing further details.
In 2007 GLG’s revenues were reportedly USD 230m. The CEO said that GLG’s revenues are substantially larger than that but declined to give further details. The company is profitable, he added.
GLG plans to spend these funds primarily on organic growth, Saint-Amand said. The US, Europe and Asia are priority markets and In terms of sectors, GLG will continue to focus on technology driven, scientifically complex sectors, he said.
GLG would not rule out JVs, Saint-Amand said. However, the company has not seriously considered them yet.
In September 2009 GLG bought French expert network specialist TGR Research for an undisclosed sum.
GLG does not have any specific plans regarding a potential IPO, Saint-Amand said. Media reports in 2008 suggested GLG might list in 12 to 18 months.
GLG is a network for one-to-one professional learning, which connects professionals such as consultants and investors seeking information with various industry experts for short and long-term learning. The company’s expert network include more than 425,000 specialists. GLG has a compliance structure in place to make sure all disclosures are legal. Its clients include Fortune 500 companies, banks and law firms.
Saint-Amand declined to name the company’s competitors. The CEO of a New York-based research services company Guidepoint, Albert Sebag, said GLG is among its competitors along with London-based AlphaSights, Shanghai-based Capvision and Business Connect China.
Founded in 1998, GLG has approximately 1,100 employees in 22 offices in 12 countries.