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Last updated on April 20, 2014 at 14:04 EDT

itslearning Gets Funding Boost for Product Development

March 23, 2013

BERGEN, Norway, March 23, 2013 /PRNewswire/ –

Leading educational software company itslearning AS has received an investment boost
from EQT Expansion Capital II. The deal, signed on 21st of March 2013, gives itslearning
the ability to increase product development and expansion into new markets, and makes EQT
Capital II the largest investor in the company.

EQT Expansion Capital II has agreed to invest approximately EUR 40 million in the
Norwegian educational company itslearning. itslearning will use the capital to fund new
product development – including a solution for mobile phones and tablets – and continue
its expansion into new markets.

Arne Bergby, itslearning CEO, comments: “I am very pleased to welcome EQT Expansion
Capital II to itslearning. Their experience with international expansion will help support
our company as grow in the future. We will re-invest much of the capital into product
development, so we can ensure itslearning offers even better support for teachers based on
proven pedagogical practice.”

The deal makes EQT Expansion Capital II itslearning’s largest shareholder. However,
the original itslearning’s founders still remain in control of the company. Ulf Mattsson,
Industrial Advisor at EQT, will take over as Chairman of the itslearning board.

Improving education

itslearning is a cloud-based learning platform used by millions of people in education
institutions -ranging from kindergartens to universities – in Europe and the Americas. An
interactive learning space, the cloud-based system gives teachers, students and others
involved in education the ability to exchange resources, work and information online -
which is seen as integral to improving education in the 21st century.

Ulf Mattsson comments: “itslearning stands out from other learning platforms because
it emphasises the combination of technology and proven educational practice. We can see
this is important in the educational sector and are looking forward to working with
itslearning to develop the company and product even further.”

The transaction is expected to close in April 2013, subject to customary regulatory
approvals.

The deal at a glance:

        - EQT Expansion Capital II will invest approximately EUR 40 million in
          itslearning, buying out some existing shareholders to become the largest investor in
          the company
        - The capital will be used to further grow the company and increase product
          development
        - Ulf Mattsson, Industrial Advisor at EQT, will take over as Chairman of the
          itslearning board
        - The transaction expected to close in April 2013, subject to customary
          regulatory approvals

Quotes:

“By emphasizing the interdependence of technology and pedagogy, itslearning stands out
as the best learning platform for teachers in terms of usability and learning success.”

“itslearing has a unique opportunity to grow its business and contribute to the
digital evolution we see happening in schools all over the world.”

Ulf Mattsson, Industrial Advisor at EQT and designated Chairman of itslearning

“The investment allows us to continue our ambitious product development strategy that
focuses on helping teachers and students use technology to further opportunities for
learning.”

“We can now pursue our mobile development strategy, optimising itslearning for mobile
devices. This is essential today as mobile devices are becoming increasingly important to
students and teachers alike.”

Arne Bergby, itslearning CEO

About itslearning

Designed for teachers and how they want to teach, itslearning is a cloud-based
learning platform used by millions of teachers, students, administration staff and parents
around the world. It can be found at all levels of education, from primary schools to
universities, helping teachers make education more inspiring and valuable for today’s
students.

At itslearning, we pride ourselves on understanding the needs of education. More than
20% of our staff have worked as teachers, and we can often be found in the classroom,
learning from teachers. We provide a full range of services, from simple training sessions
to full-scale implementation projects.

Established in 1999, we are headquartered in Bergen, Norway, and have offices in
London, Birmingham, Berlin, Paris, Mulhouse, Malmo, Enschede and Boston.

More information at http://www.itslearning.eu

About EQT

EQT Expansion Capital II provides capital for privately owned mid-market companies.
The core investment focus of the Fund is businesses in need of capital for growth. The
financing solutions have equity characteristics, while the owner normally maintains
control over the company.

EQT is the leading private equity group in Northern Europe with approximately EUR 20
billion in raised capital and multiple investment strategies. Together with a superior
network of independent Industrial Advisors, EQT implements its investment strategy by
acquiring or financing good medium-sized to large companies in Northern and Eastern
Europe, Asia and the United States, supporting their development into leading companies.
Development is achieved by an industrial strategy with focus on growth. Since inception,
EQT has invested more than EUR 11 billion in around 110 companies and exited approximately
60. EQT-owned companies have more than 550,000 employees.

More information can be found on http://www.eqt.se

http://www.itslearning.eu

SOURCE itslearning AS


Source: PR Newswire