HERNDON, Va., Apr 27, 2011 (BUSINESS WIRE) --
K12 Inc. (NYSE: LRN) and Technology Crossover Ventures ("TCV"),
announced today that, having obtained clearance under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, the previously
announced private placement of 4,000,000 shares of the Company's Common
Stock to TCV had been completed. K12 Inc. is the nation's largest
provider of proprietary curriculum and online school programs for
students in kindergarten through high school, and TCV is a leading
provider of growth capital to late-stage private and public companies.
Gross proceeds to the Company from the private placement were $125.8
million, which will be used to accelerate K12's growth.
About TCV
Technology Crossover Ventures (TCV), founded in 1995, is a leading
provider of growth capital to technology companies, providing funds to
later-stage private and public companies. With $7.7 billion in capital
under management, TCV has made growth equity, PIPE and recapitalization
investments in over 170 companies leading to 47 initial public offerings
and more than 30 strategic sales or mergers. Representative investments
include Altiris, Capella Education Company, C|NET, eHarmony,
Embanet-Compass Knowledge Group, Expedia, Facebook, Fandango, Groupon,
HomeAway, Netflix, Orbitz, RealNetworks, TechTarget, Travelport, Webroot
and Zillow. TCV has 12 partners and is headquartered in Palo Alto,
California with offices in New York, NY. For more information about TCV,
visit www.tcv.com.
About K12 Inc.
K12 Inc. (NYSE: LRN), a technology-based education company, is the
largest provider of proprietary curriculum and online education programs
for students in kindergarten through high school in the U.S. K12
provides its curriculum and academic services to public and private
online schools, traditional classrooms, blended school programs, and
directly to families. K12 also operates the K12
International AcademyTM, an accredited, diploma-granting
online private school serving students in 59 countries plus the U.S.
Founded in 2000, K12 has provided over 2 million courses -
core subjects, AP(R), world languages, credit recovery, and
electives - to more than 200,000 students worldwide. Over 90 percent of
parents surveyed are satisfied with the K12 program and agree
that their children have benefited academically with K12.
Students graduating from K12 virtual schools have been
accepted to hundreds of higher education institutions including many of
the nation's top-ranked colleges and universities.
In April 2010, K12 joined with Middlebury College to form a
new venture called Middlebury Interactive Languages to create and
distribute innovative online language courses for pre-college students.
In July 2010, K12 acquired KC Distance Learning, Inc., a
nationally recognized leader in online learning with brands that provide
high quality education products and online school solutions: Aventa
LearningTM, The KeystoneTM School and iQ Academies(R).
In November, K12 acquired American Education Corporation, a
leading provider of instructional and assessment software for
kindergarten through adult learners. In the same month, K12
also announced a strategic investment to acquire a minority interest in
Web International English, a leader in English language training for
thousands of students in China
K12 is accredited through AdvancED, the world's largest
education community. More information on K12 can be found at: www.K12.com
© 2011 K12Inc. and Technology Crossover Ventures. K12 and
iQ Academies are registered trademarks and the K12 logo, K12
International Academy, Aventa Learningand Keystone are a
trademarks of K12 Inc or its subsidiaries. All other trademarks are the
property of their respective owners.
SOURCE: K12 Inc.
For Technology Crossover Ventures
Kinetic.PR
Shifali Erasmus-Bhagat, 510-565-5655
shifali@kineticprllc.com
or
For K12 Inc.
Media:
K12 Inc.
Jeff Kwitowski, 703-483-7281
Vice President, Public Affairs
jkwitowski@K12.com
or
Investor Relations:
K12 Inc.
Keith Haas, 703-483-7077
Senior Vice President, Finance and Investor Relations
khaas@K12.com