ALM Buys Summit Professional Networks
Deal valued at $40 million and should close by end of January.
ALM has acquired Summit Professional Networks, a B2B publisher in the insurance, financial services and legal markets.
The deal comes about two weeks after ALM bought Kennedy Consulting & Research and is another notch in the company's stated intent to expand into new markets via acquisitions—a strategic plan unveiled following Wasserstein & Co.'s purchase of ALM from Apax Partners last June for $417 million.
The Summit deal is valued at $40 million, says a source with knowledge of the transaction.
Under CEO Steve Weitzner, the company was rebranded to Summit Professional Networks from Summit Business Media in August 2013, which coincided with a reorg under its three primary markets.
See also: What's Next for ALM?
"The acquisition of Summit Professional Networks represents the next major step in ALM's growth strategy, expanding our reach into new strategic markets," says ALM CEO Bill Carter in a statement.
It's unclear who from the Summit management team, along with the rest of the staff, will transition to ALM, but Weitzner will be stepping down at the end of January after the deal closes.