WISCONSIN RAPIDS, WI (WTAQ) - A private equity firm said Thursday it would buy a Wisconsin Rapids educational software company for $1.1 billion -- over twice what its current owner bought it for.
Renaissance Learning will remain headquartered in central Wisconsin. That's where about 600 people produce Web-based teaching and assessment software for school students and their instructors.
The San Francisco equity firm of Hellman and Friedman said it would purchase the company from the London equity firm of Permira. Permira bought Renaissance Learning in 2011 for $455 million.
Last month, Google Capital said it made a $40 million investment in Renaissance Learning, and it valued the firm at a billion dollars. Google is expected to remain one of the investors.
Hellman expects to close the deal sometime between April and June.
(Story courtesy of Wheeler News Service)