itslearning Gets Funding Boost for Product Development
23 Mar, 2013, 07:00 GMT
BERGEN, Norway, March 23, 2013 /PRNewswire/ --
Leading educational software company itslearning AS has received an investment boost from EQT Expansion Capital II. The deal, signed on 21st of March 2013, gives itslearning the ability to increase product development and expansion into new markets, and makes EQT Capital II the largest investor in the company.
EQT Expansion Capital II has agreed to invest approximately EUR 40 million in the Norwegian educational company itslearning. itslearning will use the capital to fund new product development - including a solution for mobile phones and tablets - and continue its expansion into new markets.
Arne Bergby, itslearning CEO, comments: "I am very pleased to welcome EQT Expansion Capital II to itslearning. Their experience with international expansion will help support our company as grow in the future. We will re-invest much of the capital into product development, so we can ensure itslearning offers even better support for teachers based on proven pedagogical practice."
The deal makes EQT Expansion Capital II itslearning's largest shareholder. However, the original itslearning's founders still remain in control of the company. Ulf Mattsson, Industrial Advisor at EQT, will take over as Chairman of the itslearning board.
Improving education
itslearning is a cloud-based learning platform used by millions of people in education institutions -ranging from kindergartens to universities - in Europe and the Americas. An interactive learning space, the cloud-based system gives teachers, students and others involved in education the ability to exchange resources, work and information online - which is seen as integral to improving education in the 21st century.
Ulf Mattsson comments: "itslearning stands out from other learning platforms because it emphasises the combination of technology and proven educational practice. We can see this is important in the educational sector and are looking forward to working with itslearning to develop the company and product even further."
The transaction is expected to close in April 2013, subject to customary regulatory approvals.
The deal at a glance:
- EQT Expansion Capital II will invest approximately EUR 40 million in itslearning, buying out some existing shareholders to become the largest investor in the company
- The capital will be used to further grow the company and increase product development
- Ulf Mattsson, Industrial Advisor at EQT, will take over as Chairman of the itslearning board
- The transaction expected to close in April 2013, subject to customary regulatory approvals
Quotes:
"By emphasizing the interdependence of technology and pedagogy, itslearning stands out as the best learning platform for teachers in terms of usability and learning success."
"itslearing has a unique opportunity to grow its business and contribute to the digital evolution we see happening in schools all over the world."
Ulf Mattsson, Industrial Advisor at EQT and designated Chairman of itslearning
"The investment allows us to continue our ambitious product development strategy that focuses on helping teachers and students use technology to further opportunities for learning."
"We can now pursue our mobile development strategy, optimising itslearning for mobile devices. This is essential today as mobile devices are becoming increasingly important to students and teachers alike."
Arne Bergby, itslearning CEO
About itslearning
Designed for teachers and how they want to teach, itslearning is a cloud-based learning platform used by millions of teachers, students, administration staff and parents around the world. It can be found at all levels of education, from primary schools to universities, helping teachers make education more inspiring and valuable for today's students.
At itslearning, we pride ourselves on understanding the needs of education. More than 20% of our staff have worked as teachers, and we can often be found in the classroom, learning from teachers. We provide a full range of services, from simple training sessions to full-scale implementation projects.
Established in 1999, we are headquartered in Bergen, Norway, and have offices in London, Birmingham, Berlin, Paris, Mulhouse, Malmö, Enschede and Boston.
More information at http://www.itslearning.eu
About EQT
EQT Expansion Capital II provides capital for privately owned mid-market companies. The core investment focus of the Fund is businesses in need of capital for growth. The financing solutions have equity characteristics, while the owner normally maintains control over the company.
EQT is the leading private equity group in Northern Europe with approximately EUR 20 billion in raised capital and multiple investment strategies. Together with a superior network of independent Industrial Advisors, EQT implements its investment strategy by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, supporting their development into leading companies. Development is achieved by an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 11 billion in around 110 companies and exited approximately 60. EQT-owned companies have more than 550,000 employees.
More information can be found on http://www.eqt.se
SOURCE itslearning AS