An Oxfordshire provider of educational services has completed the acquisition of an educational technology business in the US.
An Oxon-based provider of educational products and services is ready to continue expanding its operations in the US after completing the acquisition of an educational technology business.
RM, which serves schools, colleges, universities and government education departments, has bought Computrac for $3 million (£1.8 million).
The value of the transaction could rise to as much as $8 million (£5 million) depending on performance. The consideration, which includes the acquirer agreeing to take on $4.3 million of Computrac’s debt, was funded by HSBC.
Computrac supplies interactive classroom systems to schools in the Southeast of the US. The company already sells RM’s teaching software, and the acquirer intends to distribute its other products through the company.
RM chief executive Terry Sweeney said this is a significant opportunity for RM. ‘This acquisition is a major step forward in our international expansion, bringing critical mass to our US presence.’
Computrac will be integrated into RM Educational Software, the group’s Boston-based US business, with its senior management remaining with the company post-completion.
Georgia-based Computrac designs, supplies and installs electronic whiteboards, interactive pads, student voting devices, whole-class teaching software, digital projectors and other audio-visual products. In the year to July 2008, it had a $28.8 million turnover and an operating profit of $1.3 million. Its assets were valued at $1.2 million at the same date.