for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

UPDATE 1-Blackboard to buy Angel Learning, Q1 results beat St.

* Says to buy Angel Learning for $95 mln

* Q1 earnings of 27 cents beat estimates by 2 cents

* Sees FY 09 adj EPS $1.21-$1.38

* Sees FY 09 rev $365.5-$374.5 mln

* Shares down 10 pct

May 6 (Reuters) - Blackboard Inc BBBB.O, an online learning-software company, agreed to acquire privately held Angel Learning Inc for $95 million to bolster its e-learning software portfolio.

Shares of the company were trading down about 10 percent in after-hours trading.

In a statement, the company said the purchase price will include about $80 million in cash and $15 million in stock.

Blackboard, which also reported first-quarter results, said the transaction would dilute its earnings for the rest of the year by about 14 cents a share on an adjusted basis.

First-quarter net income, excluding items, increased to $8.6 million, or 27 cents per share, from $4.1 million, or 13 cents per share, a year earlier. Revenue rose 26 percent to $86.4 million. [ID:nWNAB4601]

Analysts expected earnings of 25 cents a share, excluding exceptional items, on revenue of $85.2 million, according to Reuters Estimates.

The company forecast second-quarter adjusted earnings of 20 cents to 26 cents a share on revenue of $87.5 million to 90.5 million.

Analysts were looking for earnings of 36 cents a share, excluding items, on revenue of $90.6 million.

Shares of the company fell as much as 10 percent at $29.70 in trading after the bell. They closed at $32.93 Wednesday on Nasdaq. (Reporting by Shrutika Verma in Bangalore; Editing by Jarshad Kakkrakandy)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up