NewswireToday - /newswire/ -
Uniondale, NY, United States, 2012/04/18 - Hearst Electronics Group has taken a 50 percent stake in Aspen Labs, a company focusing on social media and online design tools for the electronics industry. Terms of the agreement were not disclosed - EEWeb.com / HearstAdvantage.com.
Hearst Electronics Group, the largest publisher of product information in the electronics industry and a unit of Hearst Business Media, has taken a 50 percent stake in Aspen Labs, a company focusing on social media and online design tools for the electronics industry. Terms of the agreement were not disclosed.
Commenting on the news, Richard P. Malloch, president, Hearst Business Media, said: “We are delighted to bring the Aspen Labs team and their family of products serving the electronic engineering community together with our existing products, which complement each other so well. Our investment in Aspen Labs is right in line with our strategy to support our customers’ efforts with innovative best-in-class information and software services that bring together buyers and sellers.”
Aspen Labs’ active social media platform eeweb.com is used by engineers to connect with each other and has seen impressive growth in members and traffic since inception. In addition, Aspen has a Web-based schematic design tool for engineers that is presently available under a license agreement for manufacturers to better serve their customer needs. Additional design tools are being developed for release later this year.
“This investment brings us into an entirely new business and allows us to better serve our customers with new tools for their audiences,” said William Barron, VP/publishing director, Hearst Business Media.
“We are excited to partner with the Hearst Electronics Group,” said Cody Miller, president of Aspen Labs. “As the industry leader, Hearst’s experience will enable us to deliver our unique set of design tools and our social media platform to a global audience.”
About Aspen Labs
Aspen Labs is a business media company focused on meeting the needs of the electronics industry. They provide resources such as EEWeb, a social media platform, and their innovative design tools. EEWeb (eeweb.com) is a resource portal for hardware designers that features engineering news, tools, forums and social networking.
About Hearst Electronics Group
Hearst Electronics Group (hearstadvantage.com) is the largest publisher of product information to the electronics industry. Its directories, e-newsletters, websites, magazines, webcasts, inventory access tools and databases are invaluable resources for engineers involved in product design. Hearst Electronics Group is part of Hearst Business Media, an operating group of the Hearst Corporation.
About Hearst Business Media
Hearst Business Media, an operating group of Hearst Corporation, operates more than 20 business-to-business information services, electronic databases and publications. The Group has significant holdings in the automotive, electronic, medical/pharmaceutical and finance industries. Among its core competencies is the aggregation of time-sensitive price, product and technical information that is integrated into business and professional processes.