Advance Publications acquired ed-tech company Turnitin
On 6th March 2019, Advance Publications, an American media company, acquired Turnitin, an Oakland based educational software company, for nearly $1.74 billion. Turnitin offers higher education and high school online tools to grade written reports and review them on plagiarism. Turnitin is widely used across the world and has 425 employees, of which 150 are in the East Bay. The company is expected to double its team size over the next five years.
Advance is buying Turnitin from a private equity investment company affiliated with Insight Venture Partners, GIC and their co-investors and acquisition is expected to close in the second quarter of the year. Advance Publications plans to make Turnitin a wholly owned subsidiary, and to use it as a beachhead to grow an ed-tech business. Notably, Ed-tech is a growing industry and in 2018, ed-tech companies in U.S. raised a total of $1.45 billion as compared to$1.2 billion in 2017.