Just when educators thought they’d gotten it straight that prominent education software companies Knowledge Adventure and Davidson & Associates now were part of consumer marketing giant Cendant Corporation, everything changes again.
On Nov. 20, Cendant Corporation of Parsippany, N.J., announced a $1-billion deal to sell its consumer software division, Cendant Software, and its subsidiaries to Paris-based Havas SA, a subsidiary of Vivendi SA, a French utility and communications company. The “definitive agreement” consists of $800 million in cash plus future cash contingent payments of up to approximately $200 million through 1999, a Cendant spokesman said.
The sale of Cendant Software, which includes Knowledge Adventure, Blizzard Entertainment, Davidson & Associates, and Sierra On-Line, is part of an ongoing program by management. Cendant Corp. now is undoing years of acquisitions as it seeks to raise money following an accounting scandal.
Cendant, which owns brand names such as Ramada, Avis, and Century 21, is shedding businesses to raise money and boost its stock price by focusing on its main businesses, franchising and marketing.