Education software group Riverdeep said today it is buying the education assets of The Learning Company (TLC) of the US for $40 million in stock plus $20 million in inter-company debt.
TLC is a publisher of interactive and education software with the largest installed base in the world, Riverdeep said. It is owned by Gores Technology Group.
The acquired assets include The Learning Company name and all of its education software brands such as Reader Rabbit, Carmen Sandiego, ClueFinders, Oregon Trail, Mavis Beacon Teaches Typing and Zoombinis.
Riverdeep will also acquire the development and distribution resources associated with these assets including established school, OEM, consumer and international businesses.
The assets will complement Riverdeep's comprehensive school portfolio as well as significantly expand its penetration in the international, OEM and consumer marketplace, the group said.
"The addition of TLC's household brands will enable Riverdeep to capture the coveted position of global leader in the education software market and lay claim to the title Riverdeep - The Learning Company," said Mr Barry O'Callaghan, Riverdeep's chairman and chief executive.
"Integrating TLC into our business will significantly expand our revenues, user base and the breadth of our product offerings in our various markets, and will allow us to apply our proven expertise in Web-enabling technology to TLC's consumer titles and installed base," he added.
AFP