SANTA MONICA, CA and CHARLOTTE, NC – March 9, 2022 – Discovery Education, Inc., (“Discovery Education” or the “Company”), a global edtech company whose digital learning software platform supports educators and improves student achievement, today announced it has entered into a definitive agreement to be acquired by an affiliate of Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”). Upon closing of the transaction, Clearlake will become the majority shareholder while Francisco Partners will retain a minority equity stake. Scott Kinney, CEO of Discovery Education, will continue to lead the Company supported by the existing management team. The terms of the transaction were not disclosed.
Discovery Education provides K-12 digital curriculum to educators and students around the world, driving student engagement across a variety of subjects via interactive content, video resources, and teaching tools that deliver real-world learning experiences. The Company’s integrated learning platform empowers teachers by offering easy lesson creation, ready-to-use formative assessments, and personalized, data-driven recommendations from a library of educational resources. Discovery Education serves approximately 4.5 million educators and 45 million students worldwide, and its resources are accessed in approximately 100 countries and territories.
“Discovery Education seeks to empower educators and inspire students worldwide through digital content delivered by our award-winning platform. Francisco Partners has been a great partner in our pursuit of this vision, and I am grateful for their support,” said Scott Kinney, CEO of Discovery Education. “We look forward to Clearlake’s investment accelerating Discovery Education’s efforts to acquire like-minded companies that complement our portfolio. In addition, this new collaboration will enhance our efforts to deepen platform distribution, earn more of educators’ instructional time, and win customers. We believe Discovery Education has a bright future as part of the Clearlake family of companies.”…Read More