Rosetta Stone Acquired by Dallas-Based Cambium
2 weeks ago - MultiLingualStaff on September 8, 2020
Rosetta Stone Acquired by Dallas-Based Cambium
2 weeks ago - MultiLingualStaff on September 8, 2020
According to reports, Cambium will add the Rosetta Stone language solutions to its digital curriculum to continue developing technology-based solutions that support language and literacy education.
Rosetta Stone Inc., a world leader in technology-based learning solutions, announced last week that it has entered into a definitive agreement to be acquired by Cambium Learning Group, a leading provider of digital education solutions and a portfolio company of Veritas Capital. Rosetta Stone Board of Directors unanimously approved the transaction.
Providing several technology-based language solutions over the past few decades, Rosetta Stone has established itself as a primary tool for many language learners in business and education, as well as for individual users. Founded in 1992, the company’s language division uses innovative digital solutions for language learning in more than 30 languages.
“This transaction represents the next step on a path that, over the past several years, has transformed our language business and built a previously small K-12 software business into a growing leader in education technology,” said John Hass, chairman and chief executive officer of Rosetta Stone.
He continued, “As part of Cambium, we will have the scale and resources to fulfill our mission and to further leverage the strength of our outstanding team to continue building and delivering technology-based solutions that support the ability to change learners’ lives through language and literacy education. I am especially grateful for the incredible dedication of our global team who, in a difficult environment this year, transitioned smoothly to delivering high-quality learning at home for students and adults.”
According to the report, Cambium will acquire Rosetta Stone in an all cash transaction for $30 per share, representing an equity value of approximately $792 million and a premium of approximately 87.5% to Rosetta Stone’s unaffected closing price on July 16, 2020, the last trading day before a media report was published speculating about a potential sale process.
A Dallas-based company, Cambium provides digital and blended curriculum, professional learning, and assessment solutions to drive proficiency, equity, and other learning outcomes in classrooms. The addition of Rosetta Stone will broaden the language solutions available to Cambium users.
“Cambium continues to thoughtfully curate a portfolio of only the best learning brands,” said John Campbell, chief executive officer of Cambium. “With the significant addition of Rosetta Stone, including Lexia Learning, we are now able to deliver even more expansive solutions to teachers, administrators, and learners everywhere, and offer a continuum of best-in-class digital solutions that deliver personalized instruction. The team at Rosetta Stone is truly exceptional and I look forward to working together to grow their already-impressive leadership position.”
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