Houghton Mifflin Harcourt Learning Technology: Difference between revisions
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On [[December 22]], [[2006]], it was announced that Riverdeep [[Public limited company|PLC]] had completed its acquisition of [[Houghton Mifflin]]. The new joint enterprise would be called the '''Houghton Mifflin Riverdeep Group'''. Riverdeep paid 1.75 billion in cash and assumed $1.61 billion in debt from the private investment firms Thomas H. Lee Partners, Bain Capital Partners and The Blackstone Group. <ref name="Irish company completes Houghton Mifflin acquisition">http://www.boston.com/news/local/massachusetts/articles/2006/12/22/irish_company_completes_houghton_mifflin_acquisition/</ref> Tony Lucki, a former non-executive director of Riverdeep, will remain in his position as Houghton Mifflin's chief executive officer. HM Rivergroup indicated it wanted to capitalize on the "convergence of print and digital education platforms." |
On [[December 22]], [[2006]], it was announced that Riverdeep [[Public limited company|PLC]] had completed its acquisition of [[Houghton Mifflin]]. The new joint enterprise would be called the '''Houghton Mifflin Riverdeep Group'''. Riverdeep paid 1.75 billion in cash and assumed $1.61 billion in debt from the private investment firms Thomas H. Lee Partners, Bain Capital Partners and The Blackstone Group. <ref name="Irish company completes Houghton Mifflin acquisition">http://www.boston.com/news/local/massachusetts/articles/2006/12/22/irish_company_completes_houghton_mifflin_acquisition/</ref> Tony Lucki, a former non-executive director of Riverdeep, will remain in his position as Houghton Mifflin's chief executive officer. HM Rivergroup indicated it wanted to capitalize on the "convergence of print and digital education platforms." |
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The Riverdeep/Houghton-Mifflin vision is that adoptions and larger contracts are requiring the winner to provide a solution that integrates both core curriculum and supplemental content, while also providing pacing calendars, curriculum and lesson planners (with content accessible from the planner), differentiated instruction, single sign-on, flexible print/online content with capabilities to change the lesson sequence and to fragment content, and content accessible from the district portal. <"Riverdeep 2007 PreK-12 Educational Publishing Outlook">http://academicbiz.typepad.com/piloted/education_business/index.html</ref> |
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== Reed Elsevier == |
== Reed Elsevier == |
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Revision as of 23:38, 17 September 2007
Riverdeep Interactive Learning originally started as a publishing house for educational online and CDROM products based in San Francisco and Dublin, Ireland, founded in 1995, Riverdeep is principally the creation of 37-year-old ex-investment banker Barry O'Callaghan. O'Callaghan is Riverdeep's CEO and controlling shareholder.[1]
Riverdeep's growth has been characterized primarily by acquisition, followed by a gradual laying off of staff, and ultimately republishing the best known titles.
In October 2002, Riverdeep became a private entity when their stock price plummeted below $2 in NASDAQ.[1]
On September 20 2004 Riverdeep moved its Novato office to 100 Pine Street in San Francisco.
Houghton Mifflin
On December 22, 2006, it was announced that Riverdeep PLC had completed its acquisition of Houghton Mifflin. The new joint enterprise would be called the Houghton Mifflin Riverdeep Group. Riverdeep paid 1.75 billion in cash and assumed $1.61 billion in debt from the private investment firms Thomas H. Lee Partners, Bain Capital Partners and The Blackstone Group. [2] Tony Lucki, a former non-executive director of Riverdeep, will remain in his position as Houghton Mifflin's chief executive officer. HM Rivergroup indicated it wanted to capitalize on the "convergence of print and digital education platforms."
The Riverdeep/Houghton-Mifflin vision is that adoptions and larger contracts are requiring the winner to provide a solution that integrates both core curriculum and supplemental content, while also providing pacing calendars, curriculum and lesson planners (with content accessible from the planner), differentiated instruction, single sign-on, flexible print/online content with capabilities to change the lesson sequence and to fragment content, and content accessible from the district portal. <"Riverdeep 2007 PreK-12 Educational Publishing Outlook">http://academicbiz.typepad.com/piloted/education_business/index.html</ref>
Reed Elsevier
In July, 2007, Reed Elsevier (an information and publishing group) offloaded Harcourt US Schools Education business to Houghton Mifflin Riverdeep Group for $4.0 billion, with $3.7 billion payable in cash and $0.3 billion payable in common stock of Houghton Mifflin Riverdeep Group.[3]
Houghton Mifflin Riverdeep is privately held. Existing investors put up $23 million of equity financing to help to meet the $3.7 billion cash requirement for the purchase. Reed is also taking a $300 million stake in Houghton Mifflin Riverdeep Group , which will leave it with an 11.8 per cent of the common stock in the enlarged company.[4]
The combined business will be led by Tony Lucki. "Together, we will be better positioned to meet the changing needs of educators and students in a wider range of subjects, states and school districts," Lucki said.[5]
This positions Houghton Mifflin Riverdeep and the main rival to Pearson in the global education publishing market.[6] If approved, the market will be dominated by three publishers: Pearson PLC <PSON.L>, McGraw-Hill Cos. Inc. <MHP.N> and Houghton Mifflin.
References
- ^ http://www.rte.ie/business/2002/1001/riverdeep.html
- ^ http://www.boston.com/news/local/massachusetts/articles/2006/12/22/irish_company_completes_houghton_mifflin_acquisition/
- ^ http://www.reed-elsevier.com/index.cfm?articleid=2110
- ^ http://www.boston.com/business/articles/2007/07/16/reed_close_to_selling_harcourt_sources/
- ^ http://www.hmco.com/company/investors/invest/ir_release_071607.html
- ^ http://business.timesonline.co.uk/tol/business/industry_sectors/media/article2087580.ece