McGraw-Hill Global Education Holdings, LLC (MHGE) is a learning science company focused on higher education, professional learning and information tools and services in digital, print, and hybrid formats for the US and international markets. MHGE distributes products in nearly 60 languages across 154 countries to post-secondary students, instructors, professionals and institutions.

McGraw-Hill Global Education is controlled by McGraw-Hill Education Intermediate Holdings, which formed in March 2013 when Apollo Global Management, the private equity firm that acquired McGraw-Hill Education in early 2013, divided the global education segment from the school education group. Revenue from the school group is not included in results from MHGE.

McGraw-Hill School Education Holdings (MHSE) headquartered in Columbus, OH, is a provider of digital, print and hybrid instructional materials, as well as assessment products and services. With 798 million USD of cash revenue for the nine months ended September 30, 2014, MHSE is one of the three largest US K – 12 education publishers.

MHSE and its larger sister company MHGE, with which MHSE has shared services arrangements, were acquired by funds affiliated with Apollo Global Management, LLC in March 2013 for a combined 2.4 billion USD purchase price.

Analysis & Key Developments


Total revenue increased 4% at McGraw-Hill Global Education in 2014, rising to 1.29 billion USD. In 2013, total revenue was 1.24 billion USD. The company, which encompasses the higher education, professional and international groups, had net income of $3.8 million last year, compared to a loss of $89.4 million in 2013. Sales rose in MHGE’s digital and custom print operations, but fell in print. Overall, digital sales were $401 million in 2014 and accounted for 31% of total sales, up from 27% in 2013. Increasing sales of the digital and custom print operations within the education group, where sales rose 9% to 841 million USD, were offset by a decline in print.

For this ranking, based on nine-month revenues (January – September 2014), and in view of an overall declining US school market, we estimated revenues for McGraw-Hill School Group, which has been also acquired by Apollo, at roughly 900 million USD.

Internal organization

Houghton Mifflin Harcourt's successful IPO from late 2013 has been pointed to as an example for MHE, with speculations in the middle of 2014 that MHE’s owners Apollo Global Management may be ready for an initial public offering of McGraw-Hill Education. Reuters reported in April 2015 that Apollo Global Management are once again talking to investment bankers about taking the publisher public, possibly by the end of 2015.

Through the acquisition of Area 9 and Engrade in February 2014, MHE expanded its presence in adaptive learning technologies and open digital platforms that unify data, curriculum, and tools across K-12 education.

In 2014, David Levin joined McGraw-Hill Education as president and CEO. In May 2015, Sally Shankland was appointed President of McGraw-Hill’s higher education group.


Sales in the international division fell 4%, to 334 million USD, due to sales declines in Latin America, Europe, Middle East and Africa.

In 2014, McGraw-Hill Education India partnered with GreyCampus to promote Online Learning Courses among University Grants Commission-National eligibility Test Aspirants.


During 2014, MHE’s digital flagship platforms increase unique users by an average 53%, with 2 million or more users on each of ALEKS, Connect, ConnectED, Engrade Pro and LearnSmart.

Total digital cash revenue was up more than 25% and exceeded traditional print cash revenue in Higher Education Business.

Overall, digital sales were 401 million USD in 2014 and accounted for 31% of total sales, up from 27% in 2013. According to MGHE, the professional group generated 43% of its revenue from digital solutions, including digital sales through 19 subscription services.

MHE launched the new Connect higher education platform in March 2014, which allows full access through native apps designed for tablet and mobile device users.

Since its introduction in May 2013, more than 450 SmartBook titles have been developed for the Higher Education market.

“We are continuing to invest in creating and delivering the technologies that harness the science of learning to enhance student outcomes and support instructors and classes,” said David Levin, president and CEO of McGraw-Hill Education. “We are combining high-quality content and software to create personalized learning that's been proven to be effective."

Earlier Developments


In fiscal 2013, McGraw-Hill Education posted revenues of 1.24 billion USD. McGraw-Hill School Education had revenues of 750 million USD for the nine months ending September 2013.

Internal organization

In 2013, McGraw-Hill Companies completed the sale of McGraw-Hill Education to the equity firm Apollo Global Management for 2.4 billion USD.

The resulting structure consists of the separate entities McGraw-Hill Global Education Holdings, LLC and McGraw-Hill School Education Holdings, LLC. Each are wholly-owned indirect subsidiaries of Georgia Holdings, Inc., which is privately owned and controlled by investment funds affiliated with Apollo Global Management, LLC.

In the wake of new ownership, MHE restructured its international team and appointed new CEO David Levin, who previously served as CEO of publicly traded media company UBM. Former CEO Buzz Waterhouse remains on the board.

The company’s strategy is to capitalize on market trends in enrollment growth and international demand through digital innovation and custom learning solutions.

MHE acquired ALEKS Corporation, a provider of web-based, artificially intelligent, educational software, and completed its acquisition of all the shares in the company's long-time joint venture with Tata Group in India to form Tata McGraw-Hill Education Private Limited.

In English Language Arts and Social Studies, McGraw's LearnSmart is a product of a partnership with Area9, a Danish company that McGraw acquired in 2013.

Last year, McGraw also acquired Key Curriculum, publisher of Sketchpad, a leading software for teaching mathematics.


McGraw-Hill is focused on developing adaptive learning systems that personalize student learning.

McGraw-Hill Education launched its own adaptive e-book, called SmartBook, which according to company information “revolutionizes college reading by focusing students on content most critical to their learning.”

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