Ingram Content Group has reached an agreement to sell VitalSource, its digital learning platform, to Francisco Partners, a global investment firm specializing in technology. The acquisition is expected to close by the summer pending the usual regulatory approvals.
The platform was acquired by Ingram in 2006 and was among the early efforts of the book industry to begin the transition to the use of digital learning materials in the classroom. Since its acquisition by Ingram, the VitalSource platform has expanded the range of digital course materials it offers and the platform now delivers digital learning products to more than 16 million users around the globe.
The sale is seen by both Ingram and Francisco Partners has a way to accelerate VitalSource's growth. Francisco Partners senior operating partner Paul Ilse said, the firm is excited about "the opportunity to invest in VitalSource during its next phase of growth and look forward to leveraging our education technology investment expertise to further transform the business.”
Kent Freeman, long-time Ingram executive and president of VitalSource, said “this acquisition is a great fit for our business, for our team, and for our customers and partners. It ensures that we will be able to expand our efforts to deliver affordable and impactful learning solutions for students and professionals."