McGraw Hill to Acquire Achieve3000, in Major Pairing of Classroom Product Providers
McGraw Hill has entered an agreement to acquire classroom resource provider Achieve3000, in a pairing that the two companies say will create a broad new digital portfolio of core and supplemental curriculum materials.
This is New York-based McGraw Hill’s first acquisition since Platinum Equity took over the major education publisher and school resource provider from Apollo Global Management earlier this summer.
McGraw Hill CEO Simon Allen in a statement said Achieve3000’s supplemental and intervention products will complement McGraw Hill’s pre-K-12 core curriculum products to help students of all ages and abilities.
The ability to provide extra support for struggling students “has become even more important since the pandemic,” Allen said. The deal will allow McGraw Hill to offer “a wider array of outstanding digital learning materials that serve teachers, engage students, and drive better learning outcomes.”
The transaction will also give the Red Bank, N.J.-based Achieve3000 an opportunity to expand its reach and jointly deliver a “powerful learning experience” to students in the classroom, at home, or in a hybrid learning environment, Achieve3000 CEO Stuart Udell said in a statement.
Achieve3000 currently serves students in 50 U.S. states and 49 total countries.
Platnium Equity officials said the deal marks an important step in McGraw Hill’s efforts to speed up its digital transformation.
“The need for supplemental curriculum solutions is greater than ever as our educational system continues to grapple with the impact of the pandemic,” Platinum Equity partner Jacob Kotzubei said in a statement. “The addition of Achieve3000 will further strengthen McGraw Hill’s ability to serve students, educators and administrators around the world.”
Achieve3000 hosts an education platform that helps students learn literacy, math, science, social studies, and English/language arts.
The transaction is expected to finalize around the end of October.
Financial terms were not disclosed.
Image by Getty
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