Barnes & Thornburg LLP represented ANGEL Learning, Inc., a privately-held, Indianapolis-based company, in its recent $95 million acquisition by giant educational software provider Blackboard Inc. (Nasdaq: BBBB).
Under terms of the agreement, Blackboard acquired ANGEL Learning for approximately $95 million, net of cash acquired and excluding transaction costs. Indiana University, home to the faculty members who launched ANGEL nine years ago, and IU's Research and Technology Center will net approximately $23 million from the deal. IU officials consider the deal to be the most significant technology transfer sale to date.
In a statement, IU President Michael A. McRobbie said: "This is our greatest success to date in terms of a university start-up company. It is important to note that it was made possible in part by the strategic investments IU has made in information technology over the past decade. This unprecedented return on our investment will be used to fuel additional research activity that will allow us to maintain our national leadership in this field and augment our broader research efforts."
ANGEL Learning Inc., which was launched nine years ago by Indiana University faculty members, provides enterprise e-learning software to more than 400 clients. The ANGEL product portfolio includes the ANGEL Learning Management System, ANGEL ePortfolio as well as ANGEL Managed Hosting. Additionally, ANGEL also provides consulting and training services.
The acquisition combines ANGEL's record of innovation and client service with Blackboard's own innovation, financial strength and industry leadership to create a stronger, more flexible supporter of teaching, learning and student engagement. The combined company aims to accelerate the pace of innovation and interoperability in e-learning and will continue to invest in solutions to more effectively support teachers and learners.
With more than 500 attorneys and other legal professionals, Barnes & Thornburg LLP is one of the largest law firms in the country. The firm serves clients worldwide from its offices in Atlanta, Chicago, Indiana, Michigan, Ohio and Washington, D.C.