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Reed Elsevier buys academic social network Mendeley for up to £65m

Dhaka, 09 April 2013, Abnews: Publishing group Reed Elsevier has upped its efforts to build its digital business with the $100m (£65m) acquisition of London-based academic social network Mendeley.

The acquisition of Mendeley, which allows academics and organisations to organise their research and journals, as well as to collaborate online, aims to bolster science publishing unit Elsevier, home to the Lancet.

The deal, which is expected to be one of the biggest the Anglo-Dutch group will make this year, ups the ante in its digital education and science battle with rivals including Thomson Reuters, which owns EndNote.

‘Our vision is to make science more collaborative and open, and now we have the support of the world’s largest science information provider, whose resources will enable us to accelerate our progress towards this vision,’ said Victor Henning, co-founder and chief executive of the four-year old firm.

Olivier Dumon, managing director of academic and government research markets at Elsevier, said the publishing giant wanted to maintain the ‘great culture, talent and collaborative spirit’ of the 50-strong startup.

‘We intend to scale and evolve Mendeley in ways that benefit the entire research community,’ he said.

The first move is to expand Mendeley’s ‘freemium’ offer. The free storage level for users is to be doubled to 2GB. Additional storage space can cost more than £100 a year.

Mendeley, which was founded in late 2008, has 2.3 million users on its platform.

Reed Elsevier did not disclose the deal price, but it is thought to be worth as much as $100m if all earn-out and performance targets are met.

Reed Elsevier has been building its position in digital products in recent years, while selling off print assets such as Variety magazine. Internet.



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