I
am not sure the implications of this news are in our favor in any way.
Somehow I doubt the business of this conglomerate will have much to do
in consideration of individual liberties when it provides its big money
clients with data they want.
Southfield-based R.L. Polk & Co. is being acquired by IHS Inc. of Englewood, Colo., for $1.4 billion, IHS announced on Sunday.
IHS
(NYSE: IHS), an information, insight and analytics company that employs
more than 6,700 people in 31 countries
around the world, announced it has signed a definitive agreement to
acquire Polk and provided details in an 8 a.m. webcast and conference
call this morning.
IHS will pay $1.4 billion for Polk, funded
with 10 percent equity and the remainder with cash on hand, cash from an
existing revolver and a new bank term loan, according to a statement by
IHS early Monday.
The 143-year-old Polk is a private, family-owned company, and one of the auto industry's most widely quoted sources of data. Carfax.com, a fee-based used-car history provider, has been a wholly-owned Polk subsidiary since 1999.
In March, Polk retained New York City-based Evercore Partners Inc. to "explore strategic growth opportunities," including a possible sale.
Polk generated $401 million in revenue in 2012.
Polk has 425 staffers in Southfield and 1,268 worldwide. Its satellite offices are in Long Beach, Calif.; Woodcliff, N.J.; Centreville, Pa.; Canada; England; France; Germany; Spain; Italy; Australia; China; and Japan.
The company traces its roots to the 19th century.
Ralph Lane Polk founded the company in Detroit in 1870 with the publication of a directory of the names of 17,500 residents and 600 professionals and tradespeople along the Detroit and Milwaukee railway, according to the company's official history.
It became known as a publisher of city directories.
General Motors President Alfred Sloan asked Ralph Lane Polk II to tabulate and publish automotive statistics in the early 1920s, according to the company's history. That launched its vehicle data services.
The company is led today by Chairman, President and CEO Stephen Polk, the great-grandson of Ralph Lane Polk and the only member of the family directly involved with the company.
Stephen Polk joined the family firm in 1981 and was elected its president in 1990, according to the company's online history. He became COO in 1992 and CEO and chairman in 1994.
Polk generated $401 million in revenue in 2012.
Polk has 425 staffers in Southfield and 1,268 worldwide. Its satellite offices are in Long Beach, Calif.; Woodcliff, N.J.; Centreville, Pa.; Canada; England; France; Germany; Spain; Italy; Australia; China; and Japan.
The company traces its roots to the 19th century.
Ralph Lane Polk founded the company in Detroit in 1870 with the publication of a directory of the names of 17,500 residents and 600 professionals and tradespeople along the Detroit and Milwaukee railway, according to the company's official history.
It became known as a publisher of city directories.
General Motors President Alfred Sloan asked Ralph Lane Polk II to tabulate and publish automotive statistics in the early 1920s, according to the company's history. That launched its vehicle data services.
The company is led today by Chairman, President and CEO Stephen Polk, the great-grandson of Ralph Lane Polk and the only member of the family directly involved with the company.
Stephen Polk joined the family firm in 1981 and was elected its president in 1990, according to the company's online history. He became COO in 1992 and CEO and chairman in 1994.