DALLAS--(BUSINESS WIRE)--Feb 4, 2021--
Cambium Learning® Group (“Cambium”), a leading provider of digital education solutions and a portfolio company of Veritas Capital, today announced that it has entered into a definitive agreement to divest Rosetta Stone’s Languages division to IXL Learning, the K-12 personalized learning platform used by 11 million students. Cambium Learning Group will retain Lexia Learning, a leader in the PreK-12 literacy space. Cambium previously closed the acquisition of Rosetta Stone and Lexia Learning in October 2020.
“This latest transaction represents a strategic milestone for Cambium, as we continue to streamline and curate K-12’s leading portfolio of digital curriculum and assessment tools for districts, teachers, and learners everywhere,” said John Campbell, Chief Executive Officer of Cambium. “Now that we have integrated the Lexia Learning business, we will leverage Cambium’s leadership in literacy and assessment to enhance our capabilities across the Cambium portfolio and address education’s most pressing challenges.”
Founded in 1992, Rosetta Stone's Languages division uses innovative digital solutions to help all types of learners read, write, and speak more than 30 languages. Under its brand, Rosetta Stone provides technology-based language solutions to individual customers, schools and businesses globally.
“We are excited to welcome Rosetta Stone Languages to the IXL family,” said Paul Mishkin, CEO of IXL Learning. “I have long admired the iconic Rosetta Stone brand and look forward to bringing its leading language resources to even more learners than ever.”
The divestiture is expected to close in the first half of 2021, subject to regulatory approvals and customary closing conditions.
In the transaction, Evercore is serving as financial advisor to IXL Learning and Latham & Watkins LLP is advising IXL Learning on legal matters.
About IXL Learning
Currently used by 11 million students and by schools in 95 of the 100 top districts in the United States, IXL is an integrated learning platform that effectively supports personalized learning in math, English language arts, science, social studies and Spanish. With more than 80 billion questions asked and answered around the world, IXL is helping schools successfully boost student achievement. The IXL family of products also includes Education.com, ABCya, Vocabulary.com, and the Wyzant tutoring marketplace. To learn more about IXL, visit www.ixl.com , facebook.com/IXL and twitter.com/IXLLearning.
About Cambium Learning Group
Cambium Learning® Group is the education essentials company, providing award-winning education technology and services for K-12 markets. With an intentionally curated portfolio of respected global brands, Cambium serves as a leader in the education space, helping millions of educators and students feel more universally valued each and every day. In everything it does, the company focuses on the elements that are most essential to the success of education, delivering simpler, more certain solutions that make a meaningful difference right now. To learn more, visit www.cambiumlearning.com or follow Cambium on Facebook , LinkedIn, Twitter , and Medium .
About Veritas Capital
Veritas is a longstanding investor in companies operating at the intersection of technology and government. The firm invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the healthcare, national security, software, education, aerospace & defense, government services, communications, and energy industries. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas, visit www.veritascapital.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210204005933/en/
CONTACT: Media Contacts:Cambium Learning Group
Chief Marketing Officer
David Millar / Julie Rudnick / Kevin Siegel
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KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY FINANCE PROFESSIONAL SERVICES SOFTWARE OTHER EDUCATION CONTINUING TRAINING PRIMARY/SECONDARY EDUCATION
SOURCE: Cambium Learning Group
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PUB: 02/04/2021 03:00 PM/DISC: 02/04/2021 03:01 PM