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December 7, 2013 12:35 pm GMT
With entrepreneurs beginning to wake up to the huge demand for better learning tools, and the opportunity for technology to remove some of the long-standing barriers within the system, startups have begun to flood into the education market. As a result, venture investment has begun to flow into education, and with a new crop of entrepreneurial and engineering talent emerging, established players are turning into buyers. In October, Amazon stepped into education for the first time with its acquisition of math instruction company, TenMarks, and a new month brings another first-time buyer and another EdTech acquisition, as STI scooped up education-focused app store, Chalkboard. STI is the 30-year-old maker of education data management solutions for K-12 schools, which focuses its suite of products on Student Information Systems, parent-teacher communications and reporting, among others. With its acquisition of Chalkable, STI is yet another example of an veteran education player looking to keep pace with the demand for more accessible and user-friendly learning tools by injecting new talent and technology into its ranks. As a result of the deal, all nine members of the Chalkable team will be joining STI, and Michael Levy and Zoli Honig, the startup’s CEO and COO, respectively, will stay on as directors of STI’s new Chalkable team. Unlike some startup acquisitions, Chalkable’s product will remain active and, according to a source with knowledge of the deal, will be combined with technology from other acquisitions pipeline and STI’s SIS product, iNow, to give the company a revamped, modern product. As part of STI’s move to become a more modern (and visible) EdTech company, it hired a new CEO and COO, both with decades of experience at K-12 education and technology companies to help lead the charge. This also means that STI appears ready to put some capital to work to inject new talent, as we hear from sources that the company paid around $10 million to acquire Chalkable. The 500 Startups grad launched in September of last year with a platform that aimed to serve schools both as an app store and as a learning management system, serving 50+ institutions before it was acquired. The startup launched with $1.3 million in funding from 500 Startups, Expansion Venture Capital, Great Oaks VC, former Facebook Chief Privacy Officer Chris Kelley and former Facebook mobile platform lead, Luke Shepard, among others. Chalkable aimed to solve a nagging question among schools, parents
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/JlEArLc_DAs/
STI Buys Chalkable For $10M To Bring Its Educational App Store And Learning Platform To K-12 Schools
With entrepreneurs beginning to wake up to the huge demand for better learning tools, and the opportunity for technology to remove some of the long-standing barriers within the system, startups have begun to flood into the education market. As a result, venture investment has begun to flow into education, and with a new crop of entrepreneurial and engineering talent emerging, established players are turning into buyers. In October, Amazon stepped into education for the first time with its acquisition of math instruction company, TenMarks, and a new month brings another first-time buyer and another EdTech acquisition, as STI scooped up education-focused app store, Chalkboard. STI is the 30-year-old maker of education data management solutions for K-12 schools, which focuses its suite of products on Student Information Systems, parent-teacher communications and reporting, among others. With its acquisition of Chalkable, STI is yet another example of an veteran education player looking to keep pace with the demand for more accessible and user-friendly learning tools by injecting new talent and technology into its ranks. As a result of the deal, all nine members of the Chalkable team will be joining STI, and Michael Levy and Zoli Honig, the startup’s CEO and COO, respectively, will stay on as directors of STI’s new Chalkable team. Unlike some startup acquisitions, Chalkable’s product will remain active and, according to a source with knowledge of the deal, will be combined with technology from other acquisitions pipeline and STI’s SIS product, iNow, to give the company a revamped, modern product. As part of STI’s move to become a more modern (and visible) EdTech company, it hired a new CEO and COO, both with decades of experience at K-12 education and technology companies to help lead the charge. This also means that STI appears ready to put some capital to work to inject new talent, as we hear from sources that the company paid around $10 million to acquire Chalkable. The 500 Startups grad launched in September of last year with a platform that aimed to serve schools both as an app store and as a learning management system, serving 50+ institutions before it was acquired. The startup launched with $1.3 million in funding from 500 Startups, Expansion Venture Capital, Great Oaks VC, former Facebook Chief Privacy Officer Chris Kelley and former Facebook mobile platform lead, Luke Shepard, among others. Chalkable aimed to solve a nagging question among schools, parentsOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/JlEArLc_DAs/
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