WISCONSIN RAPIDS, Wis. (AP) — Renaissance Learning is being acquired for $1.1 billion by the private equity firm Hellman & Friedman.
The online education service has been owned by Permira, another private equity firm based in London. It acquired the company in 2011 for $455 million. The acquisition is expected to close in the second quarter of 2014.
The deal comes less than a month after Google Inc.'s investment fund made a $40 million investment in Renaissance. That investment valued the company at $1 billion.
Renaissance company did not immediately respond to a request for comment early Thursday.
Renaissance Learning's online services are used by more than a third of schools in the U.S. and in 60 countries around the world. Schools use the technology to monitor student progress and to help teachers design lesson plans.
The company said it will remain at its headquarters in Wisconsin Rapids, Wis.