PowerSchool, the powerhouse educational software company based in Folsom, has agreed to be acquired by Bain Capital in a deal worth $5.6 billion, the companies announced Friday.
The purchase will earn shareholders of the capital region’s largest publicly-traded company $22.80 a share when the deal closes later this year.
Bain executives said in a joint announcement that PowerSchool provides “significant opportunities to expand” amid a surge of cloud-based and so-called software-as-a-service K-12 educational technology. The company already provides service to 17,000 schools and other educational institutions with access to 55 million students across 90 countries.
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