Francisco Partners to acquire Ex Libris Group: technology-focused private equity fund reportedly paying $62 million for Israeli ILS.(infotech)

Another ILS vendor is to get gobbled up by an outsider. Ex Libris Group announced July 26 that it has "entered into a definitive agreement with Francisco Partners," a large technology-heavy private equity fund, "for the acquisition of 100 percent of the company's shares" for a reported price of $62 million. The purchase comes after years of rumors that the Israeli-based Ex Libris was seeking a buyer. Subject to regulatory and third-party approvals, the transaction is expected to close by September 2006.

A letter to employees from Ex Libris president and CEO Matti Shem Tov stated that "Ex Libris will remain an independent company run by its existing management team. …