Remember when you were a kid and you’d spend hours on the computer testing out what your homework looked like in every different font? Perhaps today, Times New Roman and Gill Sans continue to give meaningful touches of design to your work projects, emails and that novel you’ve been meaning to write.
What you may not know is that, whatever the shape of the letter, it’s more than likely that Woburn, Massachusetts-based Monotype is behind it.
Founded in 1887, Monotype has flourished from humble typeface studio into an international digital design powerhouse. The company not only designs and distributes the thousands of fonts you see on street signs, in apps, in magazines and more — but also works with major brands like Google and H&M to hone in on their brand voice through the strategic use of design and digital marketing.
Today, the company announced it is moving into the next phase of its evolution, with a strategic acquisition by Palo Alto-based private equity firm HGGC. Reportedly, HGGC will pay $19.85 per share, in cash, to absorb the company, resulting in a $825 million payday for Monotype and a return from publicly-traded entity to private firm once more.
This transaction is a testament to our talented employees and their dedication to serving our customers.”
President and CEO Scott Landers explained Monotype’s strategy in a statement, saying that the firm’s recent shift from serving a small clientele base to “thousands of brands and millions of creative professionals worldwide,” necessitated a new approach and, therefore, acquisition by HGGC.
“As a private company, we will have the financial support and added flexibility to invest in ways that deliver more value and improve the overall experience for our customers,” he said. “This transaction is a testament to our talented employees and their dedication to serving our customers, and we look forward to partnering with HGGC as we continue helping customers maximize their customer engagement in today’s digital, mobile and global landscape.”
In its history, Monotype has acquired its fair share of design firms. Most recently, the company paid $160 million for NYC design firm Olapic in 2016. Many of Monotype’s 10 acquisitions have helped the company strategically emerge into the digital era. Now, Monotype’s acquisition by HCCG seems to close the books on a period of shifting focus, leaving the design experts to finally shine.
