Riverdeep, the Irish-founded developer of interactive learning software has acquired US language software company, ED-Vantage Software, in a $20.1 million (€21.5 million) cash and stock deal.
Riverdeep will now issue $13.6 million in stocks and purchase options to ED-Vantage, along with $6.5 million cash. ED-Vantage is based in Sonoma in California, and employs 30 people.
In January Riverdeep and ED-Vantage entered a licensing agreement to develop and distribute nine interactive reading and writing titles.
According to Riverdeep chief executive officer, Mr Barry O'Callaghan: "With the successful completion of this acquisition, we now have the opportunity to expand our educational offerings by adding reading and writing courses to our math and science curriculum."
ED-Vantage Software develops language arts academic software incorporating audio, video, virtual reality, and other multimedia components with literature, art and music for the school and home markets.
In June, Riverdeep brokered a strategic partnership to provide content to America Online's schools learning facility, AOL School. The agreement allows Riverdeep to supply a special package of content to AOL School's student, teacher and administrative sites.
Riverdeep provides curriculum-based Internet and CD-Rom learning experiences for middle and high school students, which are correlated to national and state curriculum standards. The company was founded in 1995 and is based jointly in Dublin and Cambridge, Massachusetts, in the US.
It floated in Dublin and on the Nasdaq market in March and recently reported revenues of $2.2 million and a loss of $7.3 million for its third quarter.
