Spectrum Equity divests edtech company Teachers Pay Teachers to IXL Learning

• Teachers Pay Teachers was founded in 2006 by New York City public school teacher Paul Edelman
• Evercore served as financial advisor to IXL
• Based in Boston, Spectrum Equity targets internet, software and information services companies

Spectrum Equity has sold Teachers Pay Teachers, a provider of a catalog of educator-created content and tools for digital instruction, to IXL Learning. No financial terms were disclosed.

Based in San Mateo, California, IXL Learning is a developer of personalized learning products.

Teachers Pay Teachers was founded in 2006 by New York City public school teacher Paul Edelman.

“We are so happy to welcome Teachers Pay Teachers into the IXL Learning family. TPT is an iconic brand in education, and it offers a unique opportunity for teachers to learn from each other and become entrepreneurs,” said Paul Mishkin, CEO of IXL Learning, in a statement. “We look forward to redoubling TPT’s efforts toward building a special home for educators centered around expertise, trust and a deep devotion to learners’ success.”

Evercore served as financial advisor to IXL while Latham & Watkins LLP served as legal counsel. Choate, Hall and Stewart LLP served as legal counsel to Teachers Pay Teachers.

Based in Boston, Spectrum Equity targets internet, software and information services companies.