IDG was once the place to work! It was a fun family atmosphere under Pat McGovern's leadership. After the 2001 dot com crash, management at 5 Speen Street transitioned into an authoritative style.
After 23 years of faithful service, I was laid off due to budget cuts.
What was most upsetting that day was being told by the HR representative that I could say my good bye's but had to be off the property by noon! RIP Pat. You are missed!
The HR comment is stupid. They do that for other employees safety. What did you want to hang out for 9 hours after you were laid off? It's a safety and security thing. Some people do shady things after they are let go. You were given plenty of time. HR did it's job. Grow up.
Made in China Now...
International Data Group, the 53-year-old tech research giant and publisher founded by the late Patrick McGovern, will be acquired by a pair of Chinese investors, the companies announced Thursday.
China Oceanwide Holdings Group Co., a privately held international conglomerate with investments in real estate, financial services and media, will become the controlling shareholder of IDG's operating businesses and several of its subsidiaries. Meanwhile, IDG Capital, an independent investment firm founded by McGovern's protege Hugo Shong, will take over IDG's existing venture investment business.
Hugo Shong, Founding General Partner of IDG Capital, which is acquiring part of the tech research and publishing conglomerate International Data Group.
Financial terms of the deal, which is expected to close in the first quarter of the year, were not disclosed, but a Reuters report in November pegged the sale price at more than $1 billion.
IDG generated 2014 revenue of $3.75 billion and has 13,200 employees, with 717 in Massachusetts, according to Boston Business Journal research. The company will remained headquartered in Boston with the executives of IDG's various subsidiaries staying on, but a new board of directors will be appointed once the deal closes.
IDG's fate has been uncertain since McGovern's death, in 2014. Founded in 1964, IDG says it launched more than 300 magazines during McGovern's lifetime, including brand names like CIO, Computerworld, PCWorld and Macworld. The company expanded into China in 1980 and operates more than 60 magazines and other outlets there.
“Pat made 130 trips to China over his career, and together with longstanding IDG executive Hugo Shong they established IDG’s media, market research and venture capital businesses in China,” Walter Boyd, Chairman of IDG, said in a statement. “We are happy to announce, and I believe Pat would be delighted to know, that China Oceanwide and IDG Capital are willing partners who will continue to invest in IDG’s business and drive growth across all three of IDG’s diverse and valuable assets – IDC, IDG Communications and the IDG Ventures portfolios.”
Shong founded IDG Capital in 1993 to focus on venture investments in China and it is now one of the most active firms in the country.