FOR IMMEDIATE RELEASE
Contact: Kevin Pawsey
itslearning Secures New Funding for Product Development
Plymouth, Massachusetts – March 25, 2013 – Leading educational software company, itslearning AS (www.itslearningnet), has received an investment boost from EQT Expansion Capital II. The agreement, signed on the 21st of March 2013, gives itslearning the ability to increase product development and expansion into new markets and makes EQT Capital II the largest investor in the company.
Arne Bergby, itslearning Corporate CEO, stated: “I am very pleased to welcome EQT Expansion Capital II to itslearning. Their experience with international expansion will help support our continuing growth. We will re-invest much of the capital into product development, so we can ensure itslearning offers even better support for teachers based on proven pedagogical practice.”
The agreement makes EQT Expansion Capital II itslearning’s largest shareholder with its investment of $51 million. However, the original itslearning founders still remain in control of the company. Ulf Mattsson, Industrial Advisor at EQT, will take over as Chairman of the itslearning board.
itslearning is a full-featured and easy to use learning platform designed specifically to support and enhance teaching and learning. itslearning contains a powerful content management and delivery system for both teachers and learners with tools for planning and delivery of lessons that enables dramatic transformation of school culture and learning outcomes. It provides the tools for every stakeholder to work together to improve student learning; facilitating communication throughout the learning community and encouraging greater collaboration in developing, delivering and sharing effective practices.
“itslearning has proven to deliver strong results for our 2.5 million customers around the world,” said Kevin Pawsey, CEO of itslearning, US. “I am delighted by this new agreement with EQT Expansion Capital II and the opportunity it affords itslearning. We already have a great platform to help schools with innovative initiatives related to blended learning and virtual learning environments and we look forward to continuing to expand our learning platform to address even more needs in the areas of mobile learning and personalized learning.”
To learn more about itslearning, please visit www.itslearning.net or call toll-free (888) 853-2761.
About itslearning, Inc.
At itslearning, we pride ourselves on understanding the needs of education. More than 50% of our U.S. staff has education experience and our learning platform was designed specifically for the education sector. Our learning platform is used by millions of educators, students, administrative staff and parents around the world. It can be found at all levels of education, helping make teaching more inspiring and education more valuable for students. Established in 1999, we have headquarters in Bergen, Norway and we have offices in Boston, London, Birmingham, Berlin, Paris, Mulhouse, Malmo, and Enschede.