by , 9:00 AM EST, March 15th, 2001
Apple announced yesterday afternoon that it will be acquiring education data management software firm PowerSchool. The deal is worth some US$62 million in Apple stock, and will be completed as soon as various regulatory hurdles are cleared. We have also published a story offering additional information on PowerSchool and the company's services. According to Apple:
Apple® today announced plans to acquire privately-held PowerSchool Inc., the leading provider of web-based student information systems for K-12 schools and school districts. PowerSchool gives school administrators and teachers the ability to easily and cost-effectively manage student records and gives parents real-time access to track their children's progress. The PowerSchool student information system has been selected by 2,000 schools nationwide.
"Apple has a legacy of helping teachers teach and students learn. We are now expanding that mission to include helping schools run more effectively,” said Steve Jobs, Apple's CEO. “By acquiring PowerSchool and welcoming its talented employees to Apple, we instantly become the leading provider of web-based student information systems nationwide."
Apple will acquire PowerSchool for $62 million in Apple stock. PowerSchool, located in Folsom, California currently has 160 employees. The closing is subject to regulatory approvals, approval of PowerSchool shareholders, and other customary conditions to closing.
You can find more information on PowerSchool at the company's Web site, or you can check out our own additional coverage of the company.