The company, an auxiliary unit of Stanford University Libraries, intends to use the proceeds to further its investment in strategic initiatives and digital innovations in Internet-based publishing. The investment will enable the business (HighWire Press, Incorporated) to operate as a stand-alone enterprise.
Accel-KKR will own a majority interest and Stanford University will maintain a significant minority stake of the company. Michael A. Keller, university librarian at Stanford, will serve as the Stanford representative on the HighWire Press, Incorporated board of directors.
Originally founded in 1995 by Stanford University under the leadership of Keller and now led by CEO Tom Rump, HighWire provides innovative technology solutions to global societies, university presses, and independent publishers through its HighWire Open Platform. It offers digital content development and hosting services, a customizable peer-review manuscript submission system, cross-publisher librarian tools, strategic consultation, and networking opportunities for organizations which produce high-impact journals, books, and other scholarly publications.
The company also has satellite offices on the East Coast and in the United Kingdom.