PROVO — An education technology firm founded in Utah has been purchased by a New York investment company.
Imagine Learning, a Provo-based language and literacy company, has been acquired by Weld North Holdings, company officials said. Terms of the agreement were not disclosed.
The company will remain in Provo, and there will be no immediate management changes, said Weld North CEO Jonathan Grayer.
Through its educational software platform, Imagine Learning provides language and literacy instruction to hundreds of thousands of students throughout the United States, company officials said. Used in 6,500 schools nationwide, as well as in nearly a dozen countries, the company serves English language learners, struggling readers and early childhood students.
The company’s software is used in schools across the state, including Stansbury Elementary in West Valley City.
Principal Ernie Broderick said the program has been invaluable in helping Stansbury's students — most of whom are not native English speakers — increase their educational achievement and improve their language proficiency.
“Many of our young students come in with English language deficits,” Broderick explained. “It’s a major barrier for education.”
Since installing the computer-based software curriculum into the students' lesson plans, the results have been dramatic, he said.
“It has just been a wonderful asset as these kids have developed their English language skills,” Broderick said. “We have basically cut in half the time the kids needed to become conversational.”
The program was originally designed to improve oral fluency, but it has also proved very useful for achieving higher comprehension levels for some of the core components of learning, he said.
“Even though it was designed to help them speak the language, it actually helps them read, write and understand the language better,” Broderick said.
For that reason, Stansbury Elementary uses the program even more extensively, he added.
Weld North has extensive educational expertise and a strong desire to further the mission of Imagine Learning, Grayer said.
“Imagine Learning’s unique game-based solution engages children, makes it fun for them to learn and supports teachers in their pursuit of teaching English language and literacy skills to their students,” he said.
Over the past decade, Imagine Learning grew from a fledgling startup — led by founder and former CEO Susan Preator — to a flourishing multimillion-dollar company. The company grew from about $500,000 in revenue in 2004 to estimated revenues of nearly $50 million last year, Preator said.
Today, the company is in the process of expanding its workforce and recently secured an additional 26,000 square feet in office space at its current Utah County location.
Imagine Learning CEO Joe Swenson said the acquisition is evidence of the company's strong position in the digital education sector.
“Through dedication and hard work over the past 10 years, Imagine Learning has become one of the most recognized digital English language and literacy programs in the country for (kindergarten through sixth grade) students,” Swenson said.
He said customers will continue to receive an excellent product and support.
“Imagine Learning will continue producing the best language and literacy program for elementary students available,” Preator said. “Our mission is to change lives and open doors of opportunity for children everywhere. That has always been — and will continue to be — our focus.”
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