Bellevue-based education technology company DreamBox Learning is selling a majority interest in the company to the Menlo Park, California-based investment firm Evergreen Coast Capital Corp.
The companies didn't disclose details of the deal, which was announced Monday. A DreamBox spokesperson said the company has about 400 full-time employees, and the deal doesn't affect that number.
"Evergreen not only recognizes what DreamBox has achieved, but also what more our team can do for education with the right complement of engaging and personalized learning technology combined with powerful predictive and real-time analytics that empower learning guardians,” Jessie Woolley-Wilson, president and CEO of DreamBox Learning, said in a news release. “This milestone is a testament to our belief that we can ‘do well to do good.'"
DreamBox received a $130 million investment led by TPG's The Rise Fund in 2018. The Rise Fund's founders board includes Richard Branson and Bono. The fund "will retain a significant minority stake," according to the release.
DreamBox, founded in 2006, offers digital math and reading programs that are designed to adapt to students. The programs are designed for kids between kindergarten and 12th grade. According to DreamBox, the company is on target for more than $100 million in revenue this year and supports about 6 million students.
The company's move into the literacy space came in August, when DreamBox acquired Reading Plus, on online reading program. The price tag wasn't disclosed.
“Both organizations were driven by the same goal of reshaping the future of learning,” Woolley-Wilson previously told the Business Journal. “We also both appreciated the historic moment we were in as schools all over the country — and the world — were depending on distance learning to keep learning on even when schools were closed.”
Evergreen is an affiliate of Elliott Investment Management, a private equity firm. According to the firm, it manages about $48 billion in assets, and its flagship fund was founded in 1977.
