PowerSchool Holdings, a leading provider of cloud-based software for K-12 education, announced the closing of its acquisition by Bain Capital for $22.80 per share in cash, representing a total enterprise value of approximately $5.6 billion.
PowerSchool’s software solutions support 60+ million students and 18,000+ customers in more than 90 countries. And the company combines the best of K-12 educational and operational technology to enhance every step of a student’s learning journey.
As part of the deal, Vista Equity Partners and Onex Partners have each retained a minority investment in PowerSchool.
Goldman Sachs acted as the exclusive financial advisor, and Kirkland & Ellis served as legal advisor to PowerSchool. Centerview Partners acted as the exclusive financial advisor, and Freshfields Bruckhaus Deringer served as legal advisor to the Special Committee of the PowerSchool Board of Directors. Ropes & Gray acted as legal advisor to Bain Capital.
Ares Capital Management, HPS Investment Partners, Blackstone Alternative Credit Advisors, Blue Owl Credit Advisors, Sixth Street Partners, and Golub Capital provided the debt financing for the deal.
KEY QUOTES:
“We could not be more excited to enter this next phase of PowerSchool’s development, which will further its mission of delivering differentiated education software to drive better student outcomes, empower educators, and help districts operate more efficiently. Together with Bain Capital, PowerSchool will continue to drive industry-leading innovation, particularly with PowerBuddy, our generative AI platform, and scale our global reach, helping more schools personalize education for every student journey.”
- Hardeep Gulati, Chief Executive Officer of PowerSchool
“PowerSchool is aligned, throughout its entire organization, to its mission to personalize education and improve learning outcomes. We’ve had the privilege of seeing the leadership team’s dedication to this mission through a world-class product innovation engine.”
- David Humphrey, a Partner at Bain Capital
“We are thrilled to support PowerSchool’s mission and growth as it becomes a private company. This is a significant milestone that builds on PowerSchool’s strong foundation and vast potential to deliver the power of its exceptional software solutions to a growing number of administrators, educators, parents, and students worldwide.”
- Max de Groen, a Partner at Bain Capital
“Since our initial investment, PowerSchool has experienced a significant transformation, driven by strong leadership and our partnership with Hardeep. We are confident that PowerSchool’s relentless focus on product innovation—especially through embracing generative AI—and tactical expansion of its capabilities can further enhance education globally in this next phase.”
- Monti Saroya, Co-Head of Vista’s Flagship Fund and Senior Managing Director
“Supporting Hardeep and PowerSchool in the mission to transform K-12 education through technology has been rewarding and a privilege for Onex. We are confident in the Company’s ability to continue innovating to enhance the learning experience and improve outcomes for students, educators, administrators and parents.”
- Laurence Goldberg, Managing Director at Onex Partners
