News Corp to acquire education technology firm Wireless Generation for $360 mln
23 Nov 2010
News Corporation, owned by media mogul Rupert Murdoch, has proposed the acquisition of a 90-per cent stake in Wireless Generation, a privately-held education technology firm for about $360 million in cash, in a bid to enter the $500-billion US education sector.
Founded in 2000 and based in Brooklyn, Wireless Generation, with 400 employees provides mobile and web software, data systems and services to enable teachers to assess student progress.
A recognised leader in the movement to personalise the educational experience through the use of data and technology, Wireless Generation also builds large-scale data systems that centralise student data.
Once the acquisition is completed Wireless Generation will become a subsidiary of News Corporation but managed by its founder and CEO Larry Berger, president and COO Josh Reibel, and executive vice president and chief product officer Laurence Holt, who will collectively retain a 10 per cent interest in the company.
"When it comes to K through 12 education, we see a $500 billion sector in the US alone that is waiting desperately to be transformed by big breakthroughs that extend the reach of great teaching," said Rupert Murdoch chairman and CEO of the $33 billion turnover News Corporation.
"Wireless Generation is at the forefront of individualized, technology-based learning that is poised to revolutionize public education for a new generation of students," he added.
