Renaissance Learning, an education technology start-up, said on Wednesday that Google Inc's investment fund had bought a minority stake in the company, valuing it at $1 billion.
Renaissance, owned by British private equity firm Permira, provides cloud-based
education software, including reading and assessment tools that the
company says are used by nearly 20 million students and teachers.
Capital was formed in 2013 to invest in technology start-ups. Its
investments include SurveyMonkey, an online survey company, and Lending
Club, a service that matches people seeking loans with people willing to
The Renaissance investment is Google's first in education.
New York Times said on Wednesday Google's investment was $40 million.
in February, SlickLogin, an Israeli developer of sound-based password
it was being acquired by Google. The deal was a "acqui-hiring deal",
which means SlickLogin's staff and knowledge will be integrated into
Google. SlickLogin confirmed the deal on its website.
announcing that the SlickLogin team is joining Google," Xinhua quoted
the three founders of the young start-up as saying. They added that
Google "shares our core beliefs that logging in should be easy instead
of frustrating... We couldn't be more excited to join their efforts."
financial figures of the transaction were disclosed. SlickLogin was
founded less than a year ago. The company is based on a novel idea to
enable end users to log-in easily into password-protected websites by
using a uniquely generated sound.
The company is yet to launch a
commercial product and has not accrued clients, so the deal actually
represents an acquisition of the technology itself.
Written with inputs from Reuters