After Blackboard was acquired by Providence Equity Partners for $1.6 billion in cash, fellow educational software company Renaissance Learning (Nasdaq: RLRN) has been bought by private equity firm Permira Funds for $14.85 per share in cash, or approximately $440 million.
Renaissance Learning creates school improvement and student assessment technology programs for K through 12 schools. The company’s software, which is being used by 70,000 schools, helps assess monitor progress in a variety of subjects, including math, reading and more. The software help provides tools to personalize the learning experience and manage the daily activities for students of all levels.
The company says the transaction represents a premium of 26% over Renaissance Learning’s closing stock price from yesterday. The transaction is expected to close in the fourth quarter of 2011.