All of Vault’s founders—Samer Hamadeh, his brother Hussam Hamadeh and Mark Oldmann—and its senior executives will remain significant shareholders in the company and will retain their spots on the management team.
Erik Sorenson, former president of MSNBC, will become chief executive of Vault.com following the close of the transaction.
“We’ve been strong online and in print, and we recently got into live events,” says Hussam Hamadeh, co-founder of Vault. “Now it is our goal to create content via video, including long-form and television programming, where there is a lot of possibility.”
Hamadeh said that with the help of Veronis Suhler Stevenson, the company will grow through acquisitions. To date, VSS equity and structured capital funds have invested in more than 54 platform companies, which have in turn completed 230 add-on acquisitions.
“We believe the company has significant growth prospects, both internally and through strategic add-on acquisitions,” Trent Hickman, managing director of VSS, said in a statement.
Terms of the deal were not disclosed, but sources have valued the company between $60 million and $85 million.
Vault says it will be hiring additional staff in Manhattan, where it plans to double its headcount over the next three years, and is looking for new office space.
The company, a 2005 Crain’s Small Business Award winner, is also preparing for a big international push, and expects it will more than double its workforce in London and Hong Kong over the next three years.
“Right now, 10 percent of our revenue comes from our international business,” Hamadeh says. “It should be 90 percent of our business.”