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 /PRNewswire/ -- 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.
Trademarks
Clarivate and its logo, as well as all
other trademarks used herein are trademarks of their respective
owners and used under license.
Media Contacts
Tabita Seagrave, Head of Global
Corporate Communications
media.enquiries@clarivate.com
Monica Shovlin, MCShovlin
Communications LLC for ASME
monica@mcshovlin.com
1 Market Size, Share, Forecast & Trends: Global
Standards Publishing (Outsell), May 21,
2020
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