Veritas Capital Fund Management LLC

08/22/2019 | Press release | Distributed by Public on 08/22/2019 15:02

Cambium Learning Group to Acquire Assessment Division of the American Institutes for Research

August 22, 2019

Cambium Learning Group to Acquire Assessment Division of the American Institutes for Research

Creates leading provider of K-12 assessment and instructional solutions

Dallas, TX - Cambium Learning Group, Inc. ('Cambium Learning'), a leading provider in education software and portfolio company of Veritas Capital ('Veritas'), today announced that it has entered into a definitive agreement to acquire AIR Assessment, the student assessment division of the American Institutes for Research ('AIR'), one of the world's largest behavioral and social science research organizations.

Launched in 2007, AIR Assessment is one of the fastest-growing brands in the assessment field. Leading the nation with its innovative design, AIR Assessment uses technology to measure student progress and provide educators and families with timely, relevant information about teaching and learning. Last school year, AIR Assessment delivered nearly 60 million online tests in more than 20 states.

Upon closing, the newly combined entity will bring together advanced K-12 assessment services with research-based, individualized instruction.

'As a leading provider of digital assessment, AIR Assessment is an ideal partner for Cambium Learning as we seek to help all students reach their potential,' said John Campbell, Chief Executive Officer of Cambium Learning. 'Working together, we are excited to build upon both AIR Assessment's and Cambium Learning's digital content to provide schools and districts with the most effective tools that are aligned to their curriculums and strategic goals.'

'Our assessment division has grown substantially over the past decade thanks to steady investment and hard work by our leadership team and staff,' said David Myers, AIR President and Chief Executive Officer. 'The time is right for us to make this move, which will position AIR Assessment for its next stage of growth while allowing AIR to expand on the mission-focused work that has defined our organization for more than 70 years.'

'I am extremely proud of what AIR Assessment has accomplished over the past decade and how we have established ourselves in the industry,' said Steve Kromer, President of AIR Assessment. Mr. Kromer continued, 'We look forward to working with Cambium Learning to build on our success and create individualized learning experiences for all students.'

Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas added, 'Cambium Learning's acquisition of AIR Assessment creates a market leading K-12 focused education technology platform providing end-to-end instruction and assessment. We look forward to supporting Cambium Learning in this next chapter of growth as the combined company leverages its expertise across these complementary solutions to deliver impactful outcomes to education departments, districts, schools, teachers and students.'

AIR will invest the proceeds from the sale to expand its research, evaluation and technical assistance work in a broad range of areas, including education, health and workforce development, in the United States and internationally.

The transaction is subject to regulatory review and other customary closing conditions.

About AIR

Established in 1946, with headquarters in Washington, D.C., the American Institutes for Research (AIR) is a nonpartisan, not-for-profit organization that conducts behavioral and social science research and delivers technical assistance both domestically and internationally in the areas of education, health and the workforce. For more information, visit www.air.org.

About Cambium Learning Group, Inc.

Cambium Learning® is an award-winning educational technology solutions leader dedicated to helping all students reach their potential through individualized and differentiated instruction. Using a research-based, personalized approach, Cambium Learning delivers SaaS resources and instructional products that engage students and support teachers in fun, positive, safe and scalable environments. These solutions are provided through Learning A-Z® (online differentiated instruction for elementary school reading, writing and science), ExploreLearning® (online interactive math and science simulations, a math fact fluency solution, and a K-2 science solution), Voyager Sopris Learning® (blended solutions that accelerate struggling learners to achieve in literacy and math and professional development for teachers), and VKidz Learning (online comprehensive homeschool education and programs for literacy and science). Cambium Learning believes that every student has unlimited potential, that teachers matter, and that data, instruction, and practice are the keys to success in the classroom and beyond. For more information, visit https://cambiumlearning.com/.

About Veritas Capital

Veritas is a leading private equity firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the aerospace & defense, healthcare, software, national security, communications, energy, government services and education industries. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. For more information on Veritas and its current and past investments, visit www.veritascapital.com.

Contacts

For Veritas Capital / Cambium Learning Group:
David Millar / Julie Casale
Sard Verbinnen & Co
(212) 687-8080
[email protected]

For AIR:
Dana Tofig
American Institutes for Research
O: (202) 403 6347 C: (240) 994-1309
[email protected]