Insight Partners-backed Achieve3000 has entered the second round of its sale process, sources familiar with the matter told PE Hub.
Macquarie, which is providing financial advice on the sale, recently accepted first-round bids for the EdTech company, the people said.
Achieve3000, based in Red Bank, New Jersey, provides a comprehensive suite of digital solutions that accelerate and deepen students’ learning in literacy, math, science and social studies. The company provides technology for remote and in-person instruction for students in grades pre-K to 12 as well as professional development resources for teachers.
The company generates around $100 million in revenue and about $50 million in EBITDA, the sources said.
For Insight Partners, the anticipated sale of Achieve3000 looks like it will produce a significant return on its investment.
Insight Partners first invested in the company in August 2007, injecting $9 million into Achieve 3000. Now, a sale of the company could value the business at more than $700 million, the sources said.
In 2018, Achieve3000’s longtime CEO and co-founder Saki Dodelson stepped down after leading the digital learning company since 2000. Stuart Udell, ex-CEO of K12, one of the largest for-profit virtual schools in the country, replaced Dodelson.
Achieve3000 has grown through multiple add-ons and strategic initiatives over the past few years, including its 2018 acquisition of Actively Learn, a digital reading platform, and its 2020 acquisition of Teachonomy, a platform that specializes in professional development for teachers.
Insight Partners and Macquarie declined to comment. Achieve3000 did not respond to PE Hub’s request for comment.