McGraw Hill has announced that it has entered into a definitive agreement to acquire Achieve3000, a recognized leader in differentiated instruction and learning acceleration for PreK-12 students in all 50 states in the US and 49 countries.
The financial terms of the deal were not disclosed. However, a press statement said the transaction is expected to be completed in approximately 60 days, subject to customary closing conditions.
Based in Red Bank, New Jersey, and founded more than 20 years ago, Achieve3000 delivers a comprehensive learning platform that significantly accelerates and deepens learning in literacy, math, science, social studies, and English Language Arts. Teachers in every subject and all 50 states rely on Achieve3000's solutions to promote equity, increase engagement, and accelerate learning in their classes.
Commenting on the development, Simon Allen, CEO of McGraw Hill, said,
"This is a great opportunity to further complement our core products in PreK-12 with supplemental and intervention solutions to help students of all ages and abilities, which has become even more important since the pandemic. With this acquisition, we will offer a wider array of outstanding digital learning materials that serve teachers, engage students and drive better learning outcomes."
Sean Ryan, President of McGraw Hill's School Group, said, "Achieve3000 and McGraw Hill are a natural fit. The combination of our people and our products will provide more effective and compelling support for classroom teachers."
McGraw Hill is a portfolio company of Platinum Equity. Achieve3000 is McGraw Hill's first add-on acquisition since Platinum Equity acquired the company in July 2021.
Sharing about the common vision of the two companies, Stuart Udell, CEO of Achieve3000, said,
"Both organizations already share a common mission of accelerating learning for all students. By joining forces with McGraw Hill, we foresee a tremendous opportunity to expand our reach and jointly deliver a powerful learning experience to students, whether in a classroom, at home, or in a hybrid environment."
Luke Myers, Managing Director at Platinum Equity, also commented saying,
"We are making good on our pledge to help McGraw Hill accelerate its digital transformation, which is especially important in the K-12 segment. Achieve3000 is tightly aligned with McGraw Hill's strategic priorities, and its scale, track record, and a suite of digital solutions make it an ideal fit."
According to a press release provided by McGraw Hill, Gibson, Dunn & Crutcher LLP is serving as legal advisor to Platinum Equity and McGraw Hill on the acquisition of Achieve3000 and Willkie Farr is providing financing counsel on the transaction. BofA Securities is the lead underwriter for debt financing. Macquarie Capital is serving as the financial advisor to Achieve3000.
In July last year, New York-based McGraw Hill has partnered with California-based online tutoring startup TutorMe to offer free on-demand tutoring to college students.