Jostens Inc, the Minneapolis company that bought Wicat Systems Inc, has now decided to get out of the computer-based training business altogether and has sold its Jostens Learning unit to Boston investment firm Bain Capital for $50m in cash, a $36m note maturing in eight years and a separate $4m note convertible into 19% of Jostens Learning equity, subject to some dilution. Wicat Systems, which now specialises in computer-based aviation training – which used to be only one of several strings to its bow – is not included in the deal, but Jostens is looking for a buyer for that, too. Wicat sales are now down to about $12m a year. Jostens Learning does $120m a year from educational software for students from kindergarten to grade 12.
