GIC and partner buy US educational technologies provider
Published on Jun 3, 2014 12:08 PM
SINGAPORE - Sovereign wealth fund GIC has tied up with private equity firm Insight Venture Partners to buy iParadigms, which provides cloud-based educational technologies to prevent plagiarism, verify content, and evaluate student learning.
GIC and Insight Venture Partners will pay US$752 million (S$944 million) for California-headquartered iParadigms, the company said on Tuesday.
iParadigms' flagship product is Turnitin, which is used by over 24 million students and 1.6 million educators at 10,000 institutions worldwide. It has also created iThenticate, a content verification service for research, corporate and government users.
"This partnership will provide the resources and support to accelerate our product investment plans and expand our reach into international markets," said iParadigms chairman and chief executive Chris Caren.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!