Clarivate Divests Techstreet, its Standards Management Business, to a new For-Profit Subsidiary of The American Society of Mechanical Engineers
Techstreet becomes the first new venture of the International Society of Interdisciplinary Engineering LLC (ISIE), ASME's new for-profit subsidiary
LONDON, Nov. 9, 2020 /CNW/ -- Clarivate Plc (NYSE: CCC), a global leader in providing trusted information and insights to accelerate the pace of innovation, and The American Society of Mechanical Engineers (ASME), a globally recognized, trusted source of standards used around the world, announced today that the International Society of Interdisciplinary Engineers LLC (ISIE), a new for-profit subsidiary of ASME, has acquired Techstreet.
Both ASME and Techstreet are positioned at the forefront of the $1.5B standards ecosystem, defining best practices for the industry, which is expected to reach a market size of $1.6B by 20231. Now, these two organizations with complementary strengths and areas of focus will comprise one family, with Techstreet joining ISIE, ASME's new for-profit arm. The combined expertise of these two organizations – along with their proprietary technologies and operational knowledge – will create unique value for the global standards community.
"ASME serves as an essential resource for mechanical engineers and other technical professionals throughout the world who develop solutions that benefit humankind," said Tom Costabile, Executive Director / CEO, ASME. "As a longtime partner and distributor of ASME standards, Techstreet represents a strategic investment and a core asset for ISIE, which will serve to create new and innovative products and services for the engineering community. The respective areas of expertise and resources of both organizations make the acquisition truly additive, with ISIE leadership committed to helping Techstreet further its well-established reputation for excellence. We welcome the Techstreet team and celebrate all they bring to ISIE and the ASME family."
"For more than 20 years, Techstreet has built its reputation as a trusted global provider of industry codes and standards, as well as tools for effective standards management, with best-in-class technology and customer service," said Jerre Stead, Executive Chairman and CEO, Clarivate. "We are confident that Techstreet will flourish under ISIE's leadership and as part of ASME, which has for more than a century focused on maintaining and advancing the pivotal role of standards in helping the global engineering community develop solutions to real world challenges."
He concluded, "Our vision at Clarivate is to improve the way the world creates, protects and advances innovation. Streamlining our offerings will help us better serve our intellectual property customers with innovative, integrated IP solutions across patents, trademarks and domain registrations."
Techstreet: an ASME Company will operate independently as part of ISIE, the new commercial arm for ASME. Under this new ownership, ISIE and Techstreet will build on Techstreet's leadership position as one of the fastest growing distributors of technical standards, establishing Techstreet as a highly sought after and trusted technology hub for engineers across the globe.
CastleOak Securities, L.P., a leading U.S. minority-owned investment bank, served as financial advisor to ISIE on this transaction.
About ASME
ASME helps the global engineering community develop solutions to real world challenges. Founded in 1880 as The American Society of Mechanical Engineers, ASME is a nonprofit professional organization that enables collaboration, knowledge sharing and skill development across all engineering disciplines, while promoting the vital role of the engineer in society. ASME codes and standards, publications, conferences, continuing education, and professional development programs provide a foundation for advancing technical knowledge and a safer world. ASME recently formed the International Society of Interdisciplinary Engineers LLC (ISIE), a new for-profit subsidiary to house business ventures that will bring new and innovative products, services, and technologies to the engineering community. For more information, visit asme.org.
About Clarivate
Clarivate™ is a global leader in providing solutions to accelerate the lifecycle of innovation. Our bold mission is to help customers solve some of the world's most complex problems by providing actionable information and insights that reduce the time from new ideas to life-changing inventions in the areas of science and intellectual property. We help customers discover, protect and commercialize their inventions using our trusted subscription and technology-based solutions coupled with deep domain expertise. For more information, please visit clarivate.com.
Forward-Looking Statements
This press release and any statements included herein may contain forward-looking statements regarding Clarivate. Forward-looking statements provide current expectations or forecasts of future events and may include statements regarding results, anticipated synergies and other future expectations. These statements involve risks and uncertainties including factors outside of the control of Clarivate that may cause actual results to differ materially. Clarivate undertakes no obligation to update or revise the statements made herein, whether as a result of new information, future events or otherwise.
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Media Contacts
Tabita Seagrave, Head of Global Corporate Communications
[email protected]
Monica Shovlin, MCShovlin Communications LLC for ASME
[email protected]
1 Market Size, Share, Forecast & Trends: Global Standards Publishing (Outsell), May 21, 2020
SOURCE Clarivate Plc
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