Wednesday, Blackboard Inc. (BBBB) a global leader in education technology announced a definitive agreement to acquire Angel Learning Inc., a developer of e-learning software to the U.S. education industry.
As per the terms of deal, Blackboard will acquire Angel Learning for about $95 million, which include approximately $80 million in cash and $15 million in stock, net of cash acquired and excluding transaction costs.
Both companies' boards of directors as well as Angel Learning's shareholders have approved the transaction, and the closing is expected in May 2009. Blackboard expects to realize greater revenue, profitability and cash flow following the integration of Angel Learning.
The acquisition combines Angel's record of innovation and client service with Blackboard's own innovation, financial strength and industry leadership to create a stronger, flexible supporter of teaching, learning and student engagement.
The combined company aims to accelerate the pace of innovation and interoperability in e-learning, The acquisition will also enable Blackboard to incorporate Angel's client-first culture that has translated into consistently excellent experiences and high retention of Angel Learning clients.
Michael Chasen, Blackboard's President and Chief Executive Officer said. "With Angel Learning, we bring on board a premier education technology company with a tremendous reputation for innovation and e-learning leadership. Independently we've each led the way in many areas of the industry. Now we can put the strengths of Blackboard and Angel together for the benefit of students in our effort to create a more flexible and engaging teaching and learning platform."
Blackboard retained Thomas Weisel Partners LLC as its financial advisor and Cooley Godward Kronish LLP as its legal advisor. Angel Learning retained Evercore Partners as its financial advisor and Barnes & Thornburg LLP as its legal advisor.
Blackboard closed regular trading on Wednesday at $32.93, down $0.10 or 0.30% on the Nasdaq.
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