From: Joseph Esposito <[log in to unmask]>
Date: Sun, 1 Jun 2014 10:07:45 -0400

The shoe may be on the other foot, Anthony.  While it's not impossible
that a large commercial publisher would buy the new Highwire, the
financial resources of HW's backers dwarf that of even the largest
publishers.  Look for this to flow in the oppostie direction, with HW
eyeing the possibility of putting a John Wiley or Elsevier in its bag.
 Members of this list may wish to Google for Accel Partners and KKR
and look at the size of the deals they have been involved with.

This is not your father's Highwire.

Joe Esposito


On Sun, Jun 1, 2014 at 5:20 AM, LIBLICENSE <[log in to unmask]> wrote:
>
> From: Anthony Watkinson <[log in to unmask]>
> Date: Sat, 31 May 2014 18:38:55 +0100
>
> I have a question for Bonnie who may not have been in the business in
> 1995.  My memory of the founding of HighWire is that it was
> specifically intended for learned society publishers.  The idea of
> partnering with "independent publishers" was much later.
>
> Back in 1995 Michael Keller talked about saving learned society
> publishing from being "taken over" by Elsevier.  In fact Elsevier have
> never shown a great deal of interest in partnering with learned
> societies though in fact they do.  The main rival was Blackwell. In
> those days Blackwell could have been described as an "independent
> publisher" but they were also a competitor.
>
> Is there anything to stop the new HighWire being bought eventually by
> a large commercial publisher?  I say this as an admirer of HighWire
> and as one appreciating what Michael and his colleagues have done.  In
> 1995 I did not believe they could build the organisation which has
> been in many ways so successful.  I qualify this by suggesting that
> they could have done even better if they had been a publisher rather
> than just another though impressive supplier.  The lack of a full
> range of publisher offerings such as the ability to offer consortial
> deals may have limited the extent of their support.
>
> Anthony
>
> -----Original Message-----
>
> From: Bonnie Zavon <[log in to unmask]>
> Date: Fri, 30 May 2014 13:37:34 -0400
>
>
> PRESS RELEASE
> May 30, 2014
>
> For Immediate Release
>
> Stanford University's HighWire Press receives Growth Equity Investment
> from Accel-KKR
>
> (PDF: http://highwire.org/PR/HighWire-Growth-Investment.pdf)
>
> Stanford, CA - 30 May 2014 - - HighWire Press, a technology service
> provider to influential scholarly publishers and an auxiliary unit of
> Stanford University Libraries, announced today it has received a
> significant equity investment to support its strategic growth from
> Accel-KKR, a leading technology-focused private equity firm. The new
> partnership enables HighWire to further its strategic initiatives and
> digital innovations in Internet-based publishing.
>
> The investment from Accel-KKR will enable the business, HighWire
> Press, Incorporated, to operate as a stand-alone enterprise. Accel-KKR
> will own a majority interest of the company and Stanford University
> will maintain a significant minority stake.  Michael A. Keller,
> University Librarian at Stanford, will serve as the Stanford
> representative on the HighWire Press, Inc. board of directors.
>
> HighWire was founded in 1995 under Keller's leadership, to ensure its
> partners - academic societies and independent publishers - would
> remain strong and able to lead the transition towards the use of new
> technologies for scholarly communication.
>
> Known for combining cutting-edge technology with long-term
> organizational stability in support of its community-oriented mission
> and model, HighWire facilitates the development, dissemination and
> discovery of nearly four thousand prominent journals, books, and other
> scholarly works online, as well as a highly customized manuscript
> submission, tracking, and peer review system for journal editors.
>
> Keller explained how the tradition of customer service, constant
> innovation, and careful fostering of a dynamic scholarly community
> will remain the charge of HighWire Press, Inc. Accel-KKR and Stanford
> Libraries have been working closely to ensure a smooth transition and
> a commitment to HighWire's core mission.
>
> Current Managing Director Tom Rump will continue to lead the
> organization as CEO of HighWire Press, Inc.
>
> "By partnering with Accel-KKR, HighWire will have the opportunity to
> leverage new resources to achieve an even greater impact on the
> delivery of scholarly information and thus on the rate of discovery of
> knowledge," said Keller. "In order to continue to expand our rapid
> response to new technologies, innovative developments and the growing
> needs of our customers, an influx of new capital was necessary."
>
> "The HighWire team has built an outstanding business," said Ben
> Bisconti, Managing Director at Accel-KKR. "The team, their customers
> and the technology platform are world class. We are excited about
> partnering with Stanford to continue supporting the HighWire team as
> they focus on delivering market leading solutions to the scholarly
> community."
>
> "This is an exciting development in HighWire's evolution, enabling our
> further investment in technology and publisher solutions," said Rump.
> "Our entire staff are looking forward to the future possibilities that
> will open to us with this capital infusion."
>
> HighWire Press, Inc. will continue to operate out of its headquarters
> office in Redwood City, California, as well as its satellite offices
> on the East Coast and in the United Kingdom.
>
>
> About Accel-KKR
>
> Accel-KKR is a technology-focused private equity firm with $2.3
> billion in assets under management. The firm invests primarily in
> software and technology-enabled businesses well positioned for topline
> and bottom-line growth. At the core of Accel-KKR's investment strategy
> is a commitment to developing strong partnerships with the management
> teams of its portfolio companies and a focus on building value through
> the significant resources available through the Accel-KKR network.
> Accel-KKR has a particular focus on buyouts and recapitalizations of
> family-owned or closely-held private companies, going-private
> transactions and divisional buyouts of larger companies.  It invests
> across a range of structures, functions as minority or majority
> investors and commits a wide range of capital - from less than $10
> million to over $100 million. The firm has offices in Menlo Park,
> Atlanta, and London. For more information, please visit:
> www.accel-kkr.com
>
> About HighWire
>
> HighWire Press provides innovative technology solutions to influential
> societies, university presses, and independent publishers through its
> ground-breaking HighWire Open Platform. Long affiliated with Stanford
> University, HighWire offers digital content development and hosting
> services, a customizable peer-review manuscript submission system,
> cross-publisher librarian tools, strategic consultation, and unique
> networking opportunities for organizations which produce high-impact
> journals, books, and other scholarly publications.
> www.highwire.org | Twitter: @highwirepress
>
>
> # # #




--
Joseph J. Esposito
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