• EQT Expansion Capital II invests approximately EUR 47 million in Norwegian education software group itslearning – becomes the largest investor and creates a partnership with founders and management team to further grow and develop itslearning
• Ulf Mattsson, Chairman of AcadeMedia, former board member of Securitas Direct and Industrial Advisor, will take the role as Chairman of itslearning
• The investment will facilitate an exit by existing external shareholders, while also providing additional capital which will support itslearning’s continued growth strategy

EQT Expansion Capital II has agreed to invest approximately EUR 47 million (NOK 350 million) in Norwegian education software group itslearning AS (“itslearning” or the “Company”). The investment will be used to provide funding for the Company’s ambitious growth strategy as well as buyout parts of the existing shareholder base.

The Company’s founders and the management team will re-invest the majority of their proceeds in itslearning and partner with EQT Expansion Capital II to continue to grow and develop the Company. The funds provided by EQT Expansion Capital II will be a combination of debt and equity.

“We are pleased to welcome EQT as a new major investor in the Company. Their experience with international expansion, licensed based business models, the education sector and their extensive global network of Industrial Advisors will help support our growth in the Nordics as well as internationally”, said Arne Bergby, CEO of itslearning.

itslearning is a leading international provider of a cloud-based learning management system (LMS). The itslearning LMS helps teachers and students manage the learning process, create multimedia resources, and share work and information online. itslearning also makes it easy for the people involved in the learning process, including parents, to share resources and information quickly and securely.

Founded in 1999 and based in Bergen, Norway, itslearning has a strong pedagogical heritage and is characterized by the way it brings together technology, education and ease-of-use. The Company is the market leader in Norway and has leading market positions in Sweden, the Netherlands, the UK and France.

Across all markets, the adoption of LMS systems is increasing, driven by the use of technology in education, digitalization of content and the need for increased effectiveness and productivity in schools. itslearning is primarily focused on the kindergarten to twelfth grade (including primary and secondary schools) where the use of LMS systems is growing rapidly.

“itslearning has a unique opportunity to grow its business and contribute to the digital evolution we see happening in schools all over the world. By emphasizing the interdependence of technology and pedagogy, they stand out, as evidenced by the success itslearning has enjoyed so far. We look forward to working together with the strong management team to develop the company even further”, says Ulf Mattsson, designated Chairman of itslearning.

The transaction is expected to close in April 2013, subject to customary regulatory approvals.

Contacts:
Jannik Kruse Petersen, Partner at EQT Partners
and Investment Advisor to EQT Expansion Capital II +45 3318 1249
Johan Hähnel, EQT Expansion Capital II Spokesperson
+46 8 506 55 334

About EQT
EQT is the leading private equity group in Northern Europe with approximately EUR 20 billion in raised capital and multiple investment strategies. Together with a superior network of independent Industrial Advisors, EQT implements its investment strategy by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, supporting their development into leading companies. Development is achieved by an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 11 billion in around 110 companies and exited approximately 60. EQT-owned companies have more than 550,000 employees.

EQT Expansion Capital II provides capital for privately owned mid-market companies. The core investment focus of the Fund is businesses in need of capital for growth. The financing solutions have equity characteristics, while the owner normally maintains control over the company.

EQT Partners, acting as investment advisor to the managers of each EQT fund, has around 120 investment professionals with an extensive industrial and financial competence. EQT Partners and its affiliates have offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.

More information can be found on www.eqt.se.

About itslearning Designed for teachers, itslearning is a cloud-based learning platform (LMS) that connects teachers, students, parents and school leaders – both in and outside the classroom. It gives teachers countless ways to create engaging lessons and resources, makes sharing materials easy, and automates routine tasks so teachers have more time to focus on their students.

itslearning is used by millions of teachers, students, administration staff and parents around the world. It can be found at all levels of education, from primary schools to universities, helping teachers make education more inspiring and valuable for today’s students. itslearning provides a full range of services to educational institutions, from training sessions to full-scale implementation projects. Established in 1999, it is headquartered in Bergen, Norway, and has offices in London, Birmingham, Berlin, Paris, Mulhouse, Malmö, Enschede and Boston.

More information can be found at www.itslearning.eu