IXL Learning, a San Mateo, Calif.-based supplier of digital Okay-12 educational and evaluation instruments has agreed to accumulate Australian training expertise firm 3P Studying in an all-cash deal price roughly AU $189 million, or roughly US $135 million.
The transaction is topic to a shareholder vote. If handed, the deal would mark IXL’s fourth acquisition in three years, following its buy of Vocabulary.com in March 2020, Education.com in 2019 and ABCya the yr earlier than.
Based in 2004, 3P Learning gives a set of supplemental digital content material for math, literacy and science topics. Its flagship merchandise embrace Mathletics, a group of math video games and actions, and Studying Eggs, a literacy program for early learners. The corporate, based mostly in New South Wales, claims these instruments attain an estimated 5 million college students throughout 17,000 colleges worldwide.
Previously owned by non-public fairness agency Perception Enterprise Companions and Macquarie Capital, 3P Studying went public in 2014 on the Australian market at AU $2.50 a share. That worth later dipped under $1 in 2016 and by no means climbed again to the $2-dollar mark. The proposed acquisition by IXL Studying would worth every share at $1.35, in accordance with financial terms printed by 3P.
The deal would develop IXL’s present footprint in Australia. 3P Studying’s choices will retain their branding as distinct merchandise, in accordance with an organization spokesperson. Ought to the deal move, 3P Studying’s employees of roughly 260 workers will be a part of IXL’s workforce, which has a present headcount of 474.
IXL stated in a statement that its instruments are utilized by 10 million college students and in 95 of the 100 largest U.S. college districts. Like many on-line training firms, IXL reported a surge in visitors shortly after the pandemic outbreak closed colleges in March.