17th Jun 2015 11:06
LONDON (Alliance News) - Pearson PLC said Wednesday that it has agreed to sell its PowerSchool business, which provides K-12 student information systems, to Vista Equity Partners for USD350 million.
Pearson had announced it was exploring the sale of the business in February. The sale also includes other student information systems businesses, Pearson said, including PowerSchool SMS, Gradespeed and eSIS Forms.
PowerSchool produced operating income of USD20 million and revenue of USD97 million in 2014.
The Financial Times owner said the sale is expected to close in the third quarter of 2015.
"These businesses have been a successful part of Pearson's portfolio, and we wish our colleagues well. The sale of PowerSchool, an administrative system rather than a tool for learning, teaching or assessment, will enable us to focus more directly on learning outcomes, and further simplify Pearson as we make our products more global, digital and scalable," said Chief Executive John Fallon in a statement.
Shares in Pearson are trading down 0.9% at 1,259.00 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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