US-based private equity firm Hellman & Friedman has signed a definitive agreement to acquire learning analytics company Renaissance Learning for $1.1bn from Permira funds.
Google Capital had invested $40m last month in the company, and after the deal Google will continue to be an investor in Renaissance Learning.
Subject to the waiting period under the HSR Act and customary closing conditions, the acquisition is expected to complete during the second quarter of 2014.
Renaissance Learning CEO Jack Lynch said, "Partnering with Hellman & Friedman will give us additional tools and resources to continue building out our capabilities, broadening our market reach and ultimately helping teachers transform education."
Following the transaction, Renaissance will remain headquartered at Wisconsin Rapids in the US.
Permira Partners Nic Volpi and Brian Ruder said, "We are grateful to have been a part of this dedicated and mission-driven team and proud of the accelerated growth Renaissance has achieved under our ownership."
Renaissance offers assistance to tutors to help them unlock the learning potential of each and every student and is claimed to have derived its learning progression through insights from over 45 million student assessments carries each year across the US.
Originally acquired by European private equity firm in $455m in 2011, the company plans to offer cloud-based lesson plan analytics to every third school in US.
