Itslearning Gets Funding Boost For Product Development
BERGEN, Norway, March 23, 2013 /PRNewswire/ --
Leading educational software company itslearning AS has received an investment boost from EQT Expansion Capital II. The deal, signed on 21 st of March 2013, gives itslearning the ability to increase product development and expansion into new markets, and makes EQT Capital II the largest investor in the company.
EQT Expansion Capital II has agreed to invest approximately EUR 40 million in the Norwegian educational company itslearning. itslearning will use the capital to fund new product development - including a solution for mobile phones and tablets - and continue its expansion into new markets.
Arne Bergby, itslearning CEO, comments: "I am very pleased to welcome EQT Expansion Capital II to itslearning. Their experience with international expansion will help support our company as grow in the future. We will re-invest much of the capital into product development, so we can ensure itslearning offers even better support for teachers based on proven pedagogical practice."The deal makes EQT Expansion Capital II itslearning's largest shareholder. However, the original itslearning's founders still remain in control of the company. Ulf Mattsson, Industrial Advisor at EQT, will take over as Chairman of the itslearning board. Improving education itslearning is a cloud-based learning platform used by millions of people in education institutions -ranging from kindergartens to universities - in Europe and the Americas. An interactive learning space, the cloud-based system gives teachers, students and others involved in education the ability to exchange resources, work and information online - which is seen as integral to improving education in the 21 st century. Ulf Mattsson comments: "itslearning stands out from other learning platforms because it emphasises the combination of technology and proven educational practice. We can see this is important in the educational sector and are looking forward to working with itslearning to develop the company and product even further." The transaction is expected to close in April 2013, subject to customary regulatory approvals. The deal at a glance:
- EQT Expansion Capital II will invest approximately EUR 40 million in itslearning, buying out some existing shareholders to become the largest investor in the company
- The capital will be used to further grow the company and increase product development
- Ulf Mattsson, Industrial Advisor at EQT, will take over as Chairman of the itslearning board
- The transaction expected to close in April 2013, subject to customary regulatory approvals
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