D&B, the information compiler and credit rating service will acquire Hoover’s for about $117 million.
Hoover’s, Austin, TX, provides industry and market intelligence on public and private companies, primarily to sales, marketing and business development professionals. It offers a subscription-based editorial database covering more than 18,000 public and private companies worldwide, 300 industries and 170,000 corporate executives.
Following the transaction, Hoover chairman/CEO Jeffrey R. Tarr will continue to lead the Hoover’s business, which will become part of D&B’s E-Business Solutions group.
D&B plans to accelerate growth of Hoover’s Online subscription business and improve its profitability. It expects to do this primarily by expanding the distribution of Hoover’s products by generating sales leads through the millions of customer contacts made each year by D&B’s telesales channels. As a result, D&B expects Hoover’s revenue to almost double by 2005.
The acquisition is expected to close in the first quarter of 2003.
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