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 US$417m.
The Summit deal is valued at $40m, 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.
“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.
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