Follett Corporation has sold Follett School Solutions (FSS), the company’s K-12 software and content division, to Francisco Partners, a technology-focused global investment firm. Follett School Solutions, based in McHenry, Illinois, is a longtime trusted educational partner to K-12 schools and districts that provides 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 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,” says Todd Litzsinger, CEO and Chairman of the Board, Follett Corporation. “On behalf of the Follett family and shareholders, I would like to thank the FSS employees, publishing partners, librarians, teachers, schools and school districts for the long and rich partnership we have enjoyed. Our family-owned company has long and deep ties to this business and a strong interest in its ongoing success, which is why we are pleased Francisco Partners will be leading and growing FSS in the years to come.”
Source: Private Equity Wire
