K-12 Dealmaking: Imagine Learning, Spring Education, Procare Make Acquisitions

Contributing Writer

Language and literacy software provider Imagine Learning and childcare management technology company Procare Software announced acquisitions.

Imagine Learning Acquires Reasoning Mind: Imagine Learning, a provider of elementary language and literacy software solutions, has acquired Reasoning Mind, a Texas-based math curriculum company, for an undisclosed sum, according to a statement.

Imagine Learning is a division of Weld North, an ed-tech company focused on developing digital curriculum and tools for pre-K–12 students.

“We were looking for a partner that shared our mission and could increase our distribution,” explained Gregg Fleisher, CEO of Reasoning Mind. “After exploring many possibilities and learning about Imagine Learning’s passion for helping all students reach their potential, we knew that partnering with Imagine Learning would make for a wonderful marriage.”

Jonathan Grayer, chairman and CEO of Weld North, added: “Imagine Learning develops critically important learning tools for the young student and delivers this curriculum in compelling and innovative platforms, providing educators important tools to foster learning.”

Weld North acquired Imagine Learning in 2014. Last May, Weld North received an undisclosed investment from private equity firm Silver Lake. As part of the announcement Imagine Learning noted it was expanding the scope of its digital instruction.

Procare Software Raises Funds, Makes Acquisition: Procare Software, a provider of childcare management technology solutions, has received a strategic investment from private equity firm Warburg Pincus, according to a statement. Financial terms of the investment were not disclosed.

Simultaneous with the investment, Procare has agreed to acquire Cirrus Group, an online software-as-a-service (SaaS) provider of operational, financial and customer management solutions for childcare centers, school districts and community education centers.

Procare provides business management software, integrated tuition payment processing, parent engagement tools, hardware and data hosting to child-centered businesses and organizations.

“This acquisition of the Cirrus Group platform of solutions further bolsters the company’s offering and capabilities,” said Ashutosh Somani, managing director of Warburg Pincus.

TA Associates, a private equity firm that invested in Procare in 2015, will remain a significant investor in the business, the statement noted; members of Procare’s management team will also retain an ownership stake.

Investcorp Sells Nobel Learning Communities: Investcorp, a provider and manager of alternative investments, completed the sale of Nobel Learning Communities, a provider of private education in the United States, to Spring Education Group, a preK-12 private school operator in the United States and portfolio company of Primavera Capital Group, an Asia-based investment firm. The terms of the transaction were not disclosed.

Nobel Learning operates a network of over 190 private schools across 19 states in the United States.

“We are pleased to have helped consolidate Nobel Learning’s leadership in the industry by investing further in the schools and their programs,” said Maud Brown, managing director, corporate investment North America at Investcorp.

Edmit Raises $2.3 Million: Boston-based ed-tech startup Edmit raised $2.3 million in a seed round led by Founder Collective, according to an email from a company spokesperson. Other investors include Rethink Education and Investor Precursor.

Founded in 2017, Edmit uses academic information from the individual student and their family’s finances to create a list of college recommendations and pricing. The company aims to help students and parents navigate the college selection process and get the best possible deal.

Last year, the company closed an $855,000 pre-seed round. Over the next two years the company will add more employees to its 6-person team, mostly in product engineering, the spokesperson noted.

NewSchools Opens New Funding Opportunities: NewSchools Venture Fund has unveiled funding opportunities for two investment areas, according to a statement from the nonprofit venture philanthropy.

The two new funding areas are for innovative schools and diverse leaders. Up to $8 million in total funding is now available.

While both of the investment areas launched new funding opportunities on August 1, the opportunities will close at different times. Diverse leaders will close on Sept. 7, 2018, while innovative schools will close Nov. 26, 2018. In addition to funding, the selected ventures also receive management assistance and opportunities to collaborate with a cohort of other organizations selected for this round of funding.

“For teams of educators and entrepreneurs who are either dreaming of opening a new innovative school or interested in growing, advancing and supporting black and Latino leadership in education, this opportunity could provide the funding to launch a new venture,” according to the statement from NewSchools.

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