Thursday, November 29, 2007
NOVEMBER 29, 2007, NEW YORK, NY -- Berkery Noyes, the leading independent investment bank serving the information and technology markets, announced Interwrite Learning ("Interwrite" or "the Company"), a leading developer of mobile teacher slates, interactive white boards and student response systems, has entered into a definitive agreement to sell the Company to eInstruction Corporation, a portfolio company of Leeds Equity Partners, LLC. The terms of the transaction were not disclosed.
"The combined platform is a global technology, software, content and assessment powerhouse in the K-12 and post-secondary marketplace," said Chris Curran, the Berkery Noyes Managing Director who advised Interwrite on the transaction. "The winning combination of Darrell Ward and Steve Kaye represents great leadership synergy for the merged companies," Curran added.
"Our solutions allow instructors and schools to maximize the educational value they can achieve from an interactive classroom," said Steve Kaye, Interwrite’s Co-President and Chief Operating Officer. "Educators can utilize content, such as digital lesson plans and questions aligned to state standards, to provide formative instruction while being more efficient. Our customers can look forward to continuity on all our current products and the benefits that will soon deliver as we seamlessly integrate our best-of-breed portfolio," added Kaye.
Carter Harned, Managing Director at Leeds Equity said, "Interwrite, led by an experienced management team, has been successful at innovating high quality products for educators worldwide. The combination with Interwrite will immediately expand the eInstruction product offering, strengthen the footprint and presence in the domestic K-12 and higher education markets, provide access to international education markets, and broaden the senior management team. We look forward to working with management to expand on the successes both companies have achieved to date."
Berkery Noyes initiated the transaction on behalf of Interwrite, acted as its exclusive financial advisor, and represented it in its negotiations with eInstruction.
About Interwrite LearningTM - Interwrite traces its roots to the development of high performance digitizers for use in construction and estimating markets in the 1970’s. Interwrite later applied the basic principles of that technology to its first electromagnetic interactive whiteboard to provide interactive solutions to the education market.
Interwrite developed and later patented the first mobile teacher slate for education and continues to be the leader in that product category. Interwrite’s education portfolio also includes its PRS student response system, award-winning instructional software Interwrite WorkspaceTM and interactive learning objects. Today, Interwrite offers its education solutions in 40 languages with 250,000 systems operating in classrooms worldwide. For more information, visit www.interwritelearning.com
About Berkery Noyes - Berkery Noyes is one of the pre-eminent merger and acquisition firms serving the information industry, having completed more than 400 transactions since its inception. Among the most recent transactions completed by Berkery Noyes are the acquisition of eInstruction by Leeds Equity Partners, Monotype in its transaction with Calvert Street Capital Partners, Psychological Services, Inc. (PSI), in its transaction with ABRY Partners, The Teaching Company in its sale to Brentwood Associates, the sale of ELLIS to Pearson, Questar Educational Systems, Inc. by TASA, The Hampton Brown Company by National Geographic, Delta Education LLC by School Specialty, Inc, ProQuest Company’s acquisition of Voyager Expanded Learning, the sale of Facts on File to Veronis Suhler Stevenson, the sale of Kurzweil Educational Systems to Cambium Learning, and Dominie Press to Pearson Inc.
Berkery Noyes’ clients include private companies seeking a buyer, most of the major international information companies, and private equity firms who use the firm's expertise in locating, analyzing and negotiating with acquisition candidates and in managing divestitures. The firm operates with a staff of forty professionals serving the information and publishing industry. For more information, visit www.berkerynoyes.com.
About eInstruction®- eInstruction pioneered the first student response system for the education market during the 1980’s. Its Classroom Performance System (CPS) provides instructors and students with real-time feedback on comprehension during instruction. Today CPS remains the leading student response system in education, being used with over 1.5 million students in more than 60,000 K-12 classrooms and over 400,000 students in more than 400 colleges and universities.
In 2006, eInstruction acquired FSCreations and integrated its ExamView® and Learning Series software and content platforms so instructors can seamlessly use publisher and proprietary question banks in lesson plans, quizzes and tests with eInstruction technology. The result is an integrated system for instruction and assessment with real-time feedback. For more information, visit www.einstruction.com
About Leeds Equity Partners - Leeds Equity Partners, LLC is a New York-based private equity firm which manages the largest private equity fund in the United States solely focused on investments in the education, training and business services industries. Leeds Equity was founded in 1993 by Jeffrey T. Leeds and Robert A. Bernstein and has seven current portfolio companies, including: Education Management Corporation, EduK Group, eInstruction Corporation, Miller Heiman, RealPage, Sagus International and SeatonCorp. For more information, visit www.leedsequity.com