SAN FRANCISCO, March 13 Private equity firm
Hellman & Friedman is acquiring education company Renaissance
Learning for $1.1 billion cash from fellow private-equity firm
Permira, Renaissance said.
Renaissance, founded in 1984 in Wisconsin, provides
assessment methods such as electronic tests that adapt questions
in real time depending on how successfully the student is
Geared toward education from kindergarten through high
school, Renaissance also provides an outline of skills students
should master with digital teaching tools to help them.
Renaissance is benefiting from a renewed sense of urgency by
schools to ramp up their technology investments as they race to
implement the Common Core Standards, the national math and
language criteria set to go into effect next year.
Last month, Google's late-stage investment arm,
Google Capital, announced a $40 million investment in
Renaissance. The investment valued Renaissance at $1 billion.
Google has a longstanding interest in education, including
building learning apps as part of its Google Play for Education
The investment by H&F includes the Google Capital stake, but
the companies are discussing a potential investment by Google in
the H&F-owned entity. The companies are also discussing
continued collaboration between Google Play and Renaissance.
H&F will take on new debt to complete financing of the deal.