Leading educational content and digital learning solutions provider McGraw Hill has received fresh investment from Vector Capital, a San Francisco-based leading private equity firm focused on transformative investments in established technology businesses, and its parent company Platinum Equity.
The company as well as the investors did not disclose the amount of the investment.
Founded in 1888, McGraw Hill is a learning science company that delivers personalized learning experiences that drive results for students, parents, educators, and professionals. It focuses on educational equity, affordability, and learning success to help learners build better lives.
McGraw Hill provides outcome-focused learning solutions to millions of students globally, delivering both curated content and digital learning tools and platforms to the classrooms of approximately 250,000 higher education instructors, 13,000 pre-kindergarten through 12th-grade school districts, and a wide variety of academic institutions, professionals, and companies. Its products are distributed in more than 100 countries across North America, Asia, Australia, Europe, the Middle East, and South America, and in more than 80 languages.
Commenting on the fresh funding it received, McGraw Hill CEO Simon Allen said,
"We welcome Vector Capital as a co-investor in McGraw-Hill as we continue our efforts to grow the company and accelerate our digital transformation. We are making great progress in developing world leading courseware and platforms for educators and students."
Rob Amen, Managing Director at Vector Capital, said in a statement,
"We have closely followed McGraw Hill, a hallmark of education solutions for well over a century, over the course of its transition into a digital-first technology enterprise. Today, McGraw Hill offers the market’s leading technology solutions through its Connect and ALEKS courseware platforms and will soon add Achieve3000 to its portfolio, which enables better outcomes for students and improved efficiency for instructors. We are excited to invest in McGraw in partnership with Platinum as it continues to further build out its technology solutions."
In August this year, McGraw Hill announced 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 New York-based company had partnered with California-based online tutoring startup TutorMe in July last year to offer free on-demand tutoring to college students. McGraw Hill was originally acquired by Platinum Equity in July 2021.
According to a press statement, Sidley Austin LLP served as legal advisor to Vector Capital on the co-investment, and Simpson Thacher & Bartlett LLP served as legal advisor to Platinum Equity.