Follett School Solutions sold to investment firm
MCHENRY -- Follett Corp. Wednesday announced the sale of Follett School Solutions, the company's K-12 software and content division, to Francisco Partners, a leading technology-focused global investment firm.
Follett School Solutions, based in McHenry, is a longtime educational partner to K-12 schools and districts, providing software and content products, including Follett Destiny, FSS' market-leading library management system with installations in more than 75,000 K-12 schools worldwide.
FSS will join Francisco Partners' growing portfolio of K-12 education-focused businesses and technologies, including Renaissance Learning, Discovery Education, Freckle, myON and Mystery Science. FSS will continue to operate from its headquarters in McHenry, and all K-12 team members will transfer with the sale to Francisco Partners.
Terms of the deal were not announced.
"FSS has played a pivotal leadership role in the development of content and technology solutions for schools everywhere, and as a result of this transition to Francisco Partners, we expect the business to significantly expand its reach across education," said Todd Litzsinger, CEO and chairman of Westchester-based Follett Corp.
Francisco Partners has offices in San Francisco, New York and London.