April 7, 2014 Weld North Acquires Imagine Learning and Truenorthlogic

FOR IMMEDIATE RELEASE

WELD NORTH ACQUIRES IMAGINE LEARNING AND TRUENORTHLOGIC

Strengthens Weld North’s K-12 Education Platform with the Addition of Two Leading Companies Focused on Digital Education and Educators’ Professional Development

NEW YORK – April 7, 2014 – Weld North Holdings LLC, led by former Kaplan CEO Jonathan Grayer, announced today that it continues to solidify its leadership position in the $8.0 billion K–12 digital education market¹ by acquiring a 100% interest in each of Imagine Learning and Truenorthlogic. Terms of the agreements were not disclosed. These acquisitions are each subject to standard conditions and are expected to close during the second quarter of 2014.

Imagine Learning and Truenorthlogic join Edgenuity, a provider of engaging online education and blended learning solutions for students grades 6–12 and Generation Ready, a national provider of leader and teacher professional learning services formed by the combination of Editure/AUSSIE Professional Development and JBHM Education Group on the Weld North education platform. Weld North now has a $200 million, rapidly growing digital education platform poised to capitalize on the dramatic growth in digital learning.

Provo, Utah-based Imagine Learning designs and develops language and literacy software for struggling readers, early childhood students, and the rapidly growing English language learner (ELL) student population. Through its teacher-friendly language and literacy software, Imagine Learning offers a more effective approach for districts and states working to assist K–6 students in developing strong language and literacy skills. Imagine Learning is well positioned to take advantage of the shift towards a blended learning environment in high performing schools. The company has substantial organic growth opportunities in the vibrant EdTech market through further penetration into its existing customer base, continued growth into new school districts, as well as expansion into early core literacy curriculum. The global English language learning market is expected to be $193 billion by 2017², with ELLs in the U.S. currently comprising 11% of the total preK-12 enrollment³.

Sandy, Utah-based Truenorthlogic is the market-leading provider of SaaS-based K-12 talent management solutions. Since its founding in 2000, Truenorthlogic has grown to become the leader in the K-12 talent management solutions segment, providing its technology and services to more than 1,500 U.S. districts including eight of the largest 20 districts such as the New York City Department of Education, Chicago Public Schools and the Los Angeles Unified School District. The acquisition of Truenorthlogic, together with Generation Ready, is an important part of Weld North’s commitment to improving educator effectiveness and driving student success. Along with Generation Ready’s Avatar talent management system, Weld North’s education application assets will be used by more than 1 million educators to help facilitate their professional development.

“We are thrilled to bring Imagine Learning and Truenorthlogic into the Weld North education family,” said Jonathan Grayer, Chairman and CEO of Weld North. “Both of these incredible companies are situated in the heart of a deep and rapidly expanding pool of technology talent in Utah. Imagine Learning’s unique game-based solution engages children, makes it fun to learn and supports teachers in their pursuit of teaching English language and literacy skills to their students. Truenorthlogic’s leading-edge technology works collaboratively with K-12 teachers and school leaders to improve educator effectiveness. These companies, together with the existing Weld North education portfolio, will positively change the way kids learn in the classroom.”

“We are excited about our new partnership with Weld North. Jonathan Grayer and his team bring a wealth of experience in digital education that will provide a launching pad for even more significant and rapid growth,” said Joe Swenson, CEO of Imagine Learning. “The management team is looking forward to a new decade of substantial growth as part of the Weld North team and continuing to make a difference in the lives of children.”

“Teaching institutions are recognizing the value made from their investments in educator professional development which has been helping to fuel Truenorthlogic’s growth. To capitalize on the opportunity, we wanted a partner that could help us grow even more rapidly, and we’ve found that and more in the team at Weld North,” said Jeanette Haren, President and CEO of Truenorthlogic. “Weld North shares our passion for improving K-12 education and we are excited about the future of the business.”

About Weld North

Weld North is an investment company concentrating on education, health and wellness, consumer services and marketing businesses.  In partnership with KKR, a leading global investment firm, Weld North seeks to make control investments in businesses with high potential for long-term growth in cash flow.  With strong and highly motivated management teams, the firm looks to accelerate growth through an obsessive focus on enhancing the customer experience, operational excellence, marketing expertise, and strategic and disciplined management. https://www.weldnorth.com/

About Imagine Learning

Imagine Learning delivers award-winning language and literacy solutions to elementary students throughout the U.S. and around the world. Imagine Learning creates educational software that uses engaging, one-on-one instruction to meet students’ individual learning needs. The software is research-based, instructionally differentiated, and incredibly fun to use. Also available on iPad, Imagine Learning supports a dynamic blended learning experience. For more information, visit http://www.imaginelearning.com/

About Truenorthlogic

Truenorthlogic is the K-12 expert in implementing actionable, web-based software solutions to support an educator’s entire professional growth cycle. The Truenorthlogic K-12 Talent Management Platform consists of a suite of modules to help with the management of induction, licensure and certification tracking, career management, growth plans, coaching and mentoring, observation and evaluation, professional learning, and differentiated pay. Built in collaboration with leading education agencies across the nation, Truenorthlogic is the only platform that brings the processes, workflows and data for all aspects of educator effectiveness together in a unified system. For more information, visit www.truenorthlogic.com.

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Media Contact:

Elliot Sloane
Sloane & Company
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