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PRIVATE EQUITY FIRM SUMMIT PARTNERS BUYS ISRAEL’S ANSWERS.COM

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Thursday, March 24th, 2011

AFCV Holdings, a unit of private equity firm Summit Partners, bought Answers Corporation’s community-generated Q&A site Answers.com for $127 million in cash.

The web answers search engine, one of the world’s leading Q&A sites with 5.5 million registered members as of November 2010, was established in 1999 and recently hit its 10 million answers.

Summit Partners, founded in 1984, has raised more than $11 billion in growth capital, and has invested in more than 320 growing businesses across North America, Europe and Asia.