Pearson buys Schoolnet in £139m US coup
PUBLISHING group Pearson boosted its education technology arm yesterday with a $230million (£139million) deal for US digital learning business Schoolnet.
The New York company supplies data software to schools allowing teachers to better identify their pupils’ needs and plan lessons.
It serves more than five million pupils in a third of the US’s largest cities and is likely to benefit from President Obama’s $17billion spend on improving schools.
The Penguin books group, which has spent around $1.4billion (£851million) on snapping up education companies around the world since selling its stake in financial data business Interactive Data for $2billion last year, said the deal would boost earnings in 2012. Its shares rose 10p to 1141p
Pearson should see more benefits as they roll out the technology into their global footprint
Pearson chief executive Dame Marjorie Scardino said: “Being able to offer a connective digital spine for learning has been Pearson’s goal for years. Together with Schoolnet we can make that spine more flexible and powerful.”
UBS analyst Alastair Reid said: “Pearson should see more benefits as they roll out the technology into their global footprint.”
