NEW YORK, June 20, 2013 /PRNewswire/ -- McGraw-Hill Education, a leading digital learning company, today announced that it has signed an agreement to acquire ALEKS Corporation, the privately held developer of the ALEKS® adaptive learning technology for the K-12 and higher education markets. The move strengthens McGraw-Hill Education's position as the leader in delivering personalized learning experiences through adaptive technology. The acquisition is McGraw-Hill Education's first since it was acquired by funds affiliated with Apollo Global Management, LLC (NYSE: APO) in March 2013. Terms of the agreement were not disclosed. The closing of the transaction is expected to occur early in the third quarter of 2013.
ALEKS uses research-based, artificial intelligence to rapidly and precisely determine each student's knowledge state, pinpointing exactly what a student knows and doesn't know. ALEKS then instructs students on the topics they're most ready to learn, constantly updating each student's knowledge state and adapting to the student's individualized learning needs. McGraw-Hill Education has marketed and sold ALEKS for math in the higher education space for more than 10 years.
McGraw-Hill Education's acquisition of ALEKS Corporation marks the company's latest initiative to bolster its offerings and capabilities in adaptive learning, an effective and increasingly popular method of education that uses technology to help educators provide personalized learning experiences. In January 2013, McGraw-Hill Education acquired an equity stake in Area9 Aps, the Denmark-based adaptive learning company. McGraw-Hill Education and Area9 have worked together to develop products such as the LearnSmart Advantage adaptive learning suite, which includes SmartBook, the world's first-ever adaptive e-book.
"At McGraw-Hill Education, our number one focus is providing solutions that generate improved results for students, educators, and institutions, and we believe that delivering personalized experiences through adaptive technology is a key ingredient to teaching and learning success," said Buzz Waterhouse, president and chief executive officer of McGraw-Hill Education. "Through our acquisition of ALEKS, we're working to grow and further develop the type of engaging, personalized experiences that we see as a central element in the future of education."
"ALEKS Corporation and McGraw-Hill Education share a vision for transforming education through the most advanced technology and the highest quality content on the market," said Wil Lampros, chief executive officer of ALEKS Corporation. "Becoming part of McGraw-Hill Education will enable us to help many more students with additional resources and accelerated momentum. We're delighted to join forces with our long-term partner at this critical time for education."
McGraw-Hill Education will continue to sell ALEKS as a standalone solution over the near term, but the company plans deeper integration between ALEKS and its content and digital platforms. As part of the acquisition, McGraw-Hill Education will maintain ALEKS Corporation's current offices in Irvine, Calif.
East Wind Advisors acted as exclusive financial advisor to ALEKS Corporation in this transaction.
About McGraw-Hill Education
McGraw-Hill Education is a digital learning company that draws on its more than 100 years of educational expertise to offer solutions that improve learning outcomes around the world. McGraw-Hill Education is the adaptive education technology leader with the vision for creating a highly personalized learning experience that prepares students of all ages for the world that awaits. The Company has offices across North America, India, China, Europe, the Middle East and South America, and makes its learning solutions available in more than 60 languages. For additional information, visit www.mheducation.com.
About ALEKS Corporation
ALEKS Corporation is a leader in the creation of web-based, artificially intelligent educational software. ALEKS assessment and learning technologies were originally developed by a team of cognitive scientists, mathematicians, and software engineers at the University of California, Irvine, with major funding from the National Science Foundation. ALEKS is founded on groundbreaking research in mathematical cognitive science known as Knowledge Space Theory. Through adaptive questioning, ALEKS accurately assesses a student's knowledge state, and then delivers targeted instruction on the topics a student is most ready to learn. ALEKS has been used by millions of students in over 100 different mathematics, science, and business courses at thousands of K-12 schools, colleges, and universities throughout the world.
SOURCE McGraw-Hill Education