The investment will further the company's mission to accelerate learning for students by bringing meaning to measurement
NEW YORK & DURHAM, N.C., July 30, 2019 /PRNewswire-PRWeb/ -- MetaMetrics®, developer of the widely adopted Lexile Framework® for Reading and Quantile Framework® for Mathematics, today announced that the Apax Digital Fund, the technology-focused growth equity fund advised by global private equity advisory firm Apax Partners, has entered into a definitive agreement to acquire the company from Pamlico Capital. The transaction is expected to complete in September 2019, subject to regulatory approval. Financial terms were not disclosed.
Founded in 1984 and based in the Research Triangle in North Carolina, MetaMetrics is a pioneer in the use of predictive analytics and data science to improve educational outcomes. MetaMetrics provides universal measures of reading and math skills achievement through the Lexile® and Quantile® frameworks. The frameworks place both the student and instructional material on the same scale to match the learner with reading and math resources at each student's ability level. When students receive Lexile and Quantile measures, their test scores become more actionable, allowing teachers and parents to link assessment to instruction. MetaMetrics' partners include leading providers of educational technology and assessment solutions, state departments of education and publishers who incorporate MetaMetrics' scales in their products. More than 35 million students receive a Lexile measure each year.
Leveraging Apax's experience in education, data and analytics, and software, the Apax Digital team will support MetaMetrics in delivering increased value to students, educators and the company's partners, in particular through new product development and international expansion.
Malbert Smith III, Ph.D., co-founder and CEO of MetaMetrics said, "Apax Digital is the ideal partner for MetaMetrics as we continue to deepen our value proposition for students, teachers, parents and partners. Apax's experience in the education space, its significant operational excellence capabilities, and its global platform will be extremely valuable assets as we grow MetaMetrics in the years ahead. We would also like to thank Pamlico for all its support over the past four years."
Marcelo Gigliani, managing partner of Apax Digital, said, "Few things are more important than accelerating children's learning. Malbert and the MetaMetrics team have developed a suite of category-defining measurement scales that support student growth and personalized learning. We look forward to partnering with Malbert and his team to continue to enrich their products and accelerate the company's international expansion."
Zach Fuchs, vice president of Apax Digital, added, "We look forward to supporting MetaMetrics and share the company's goal of empowering educators and parents with valuable information to help children build strong literacy skills."
Scott Stevens, Partner of Pamlico Capital, shared: "It's been a pleasure partnering with Malbert and the entire MetaMetrics team. We appreciate all the hard work put into the business over the last four years with us and we are excited to see what MetaMetrics continues to accomplish with Apax Digital moving forward."
Raymond James & Associates served as exclusive financial adviser to MetaMetrics in connection with the transaction.
MetaMetrics® is an award-winning education technology organization that offers the only scientifically valid, universal scales for measuring reading and listening (Lexile®) as well as math (Quantile®). The Lexile and Quantile Frameworks measure student ability and the complexity of the content they encounter. Lexile and Quantile measures and related technologies link assessment to instruction and provide next steps for students of all ages and abilities. The measures also provide valuable insights about students' potential for growth. MetaMetrics' measures, products and services are licensed to dozens of education product companies to help achieve that growth. For 35 years, MetaMetrics' work has been increasingly recognized for its research-based approach to improving learning. For more information, visit metametricsinc.com.
About Apax Digital
The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners' deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.
Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of approximately $50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: http://www.apax.com.
About Pamlico Capital
Pamlico Capital is a private equity firm founded in 1988 that invests in lower middle market companies in the U.S. Pamlico Capital seeks control-oriented growth equity investments alongside proven management teams in its target industries: business & technology services, communications, and healthcare. Since inception, the firm, based in Charlotte, NC, has invested over $3 billion. For additional information, please visit https://www.pamlicocapital.com.