Elsevier Acquires Mendeley For Around $65-$100 Million
Elsevier is an educational company that provides science and health information for over 30 million scientists, students, and health professionals. The company has partnerships with 7,000 journal editors, 70,000 editorial board members, 300,000 reviewers, and 600,000 authors. Elsevier has acquired Mendeley, a reference manager and academic social network. The terms of the acquisition is unknown, but sources with TechCrunch reports that it was for between $69-$100 million.
Through the acquisition, Elsevier will be competing against Thomson Reuters subsidiary EndNote. Mendeley CEO and co-founder Victor Henning said that all of the company’s 50 staff members will be joining Elsevier. Henning will become a VP of strategy at Elsevier.
“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,” stated Henning. “Above all, we will remember what has made Mendeley a success: ensuring that everything we do makes our users’ lives easier.”
Mendeley started in 2008 and raised around $12 million in funding from Access Industries, Passion Capital, and Tom Glocer. Mendeley has about 2.3 million users on their platform and 24 institution partners in North America, Europe, and Asia. The company’s plan to expand the amount of free services across their users to double the amount of storage at 2GB. The company will keep their API free, which is used by around 300 apps.