iParadigms, an Oakland, CA-based creators of Turnitin, has reached a definitive agreement to be acquired by Insight Venture Partners and GIC, Singapore’s sovereign wealth fund.
The deal, which is expected to close in the third quarter of 2014, subject to the waiting period under the HSR Act and customary closing conditions, amounted to $752m.
Warburg Pincus, the seller, was the majority owner of iParadigms since 2008.
This new partnership will provide the resources and support to accelerate product investment plans and expand into international markets.
Led by Chris Caren, chairman and CEO, iParadigms is a provider of cloud-based educational technologies to prevent plagiarism, verify content, and evaluate student learning.
Its flagship product, Turnitin, is used by over 24 million students and 1.6 million educators at 10,000 institutions worldwide. iParadigms also delivers iThenticate, a content verification service for research, corporate and government markets.
iParadigms will remain headquartered in Oakland with international offices in Newcastle upon Tyne, United Kingdom.
FinSMEs
03/06/2014