Education and Training News
November 10, 2020
Clarivate Plc and The American Society of Mechanical Engineers (ASME), a globally recognized source of standards used around the world, report that the International Society of Interdisciplinary Engineers (ISIE) LLC, 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 2023. 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 value for the global standards community, the organizations report.
“ASME serves as an essential resource for mechanical engineers and other technical professionals throughout the world who develop solutions that benefit humankind,” says 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,” Costabile adds.
“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,” says 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 position as a growing distributor of technical standards.
CastleOak Securities, L.P., a leading U.S. minority-owned investment bank, served as financial advisor to ISIE on this transaction.
Sources: Press materials received from the company and additional information gleaned from the company’s website.
More American Society of Mechanical Engineers Coverage
About the Author
DE’s editors contribute news and new product announcements to Digital Engineering.
Press releases may be sent to them via [email protected].