Francisco Buys MyOn From Capstone Makes It, It’s Own Company
MyOn, the premiere digital reading platform for K-12, has spun out on it’s own after being acquired by private equity firm Francisco Partners. The terms of the deal were not disclosed. Francisco Partners has offices in San Francisco and London but it appears MyOn will stay in Minnesota.
What started as an experiment to take their traditional scholastic publishing business online, has turned into a complete platform where students at any age and grade level can find amazing content. It’s backed by an analytical back end that makes it a breeze for teacher’s to keep up with their students progress.
Capstone started in 1990 as a print publisher focused on schools and libraries. They first released MyOn with 1,00o titles. MyOn grow exponentially through the last six years and at last count had over 13,000 titles. A little more than half of the titles are made available by partnership deals with other publishers. As our 9 year old edtech video reporter said, that’s enough books to go to the moon.
MyOn now serves over 7.5 million students in 49 states and 20 different countries. MyOn’s President Todd Brekhus, told edsurge.com that the company is cash flow positive and has agreements with over 9,000 different schools.
Their unique platform allows kids at all reading levels to enjoy the same experience utilizing tools in the software to help them along, if they need it. For instance, a second grader could read a second grade book and if need be have an audio enabled follow along mechanism to help them conquer the material. That same follow along system can be used without audio, while other students can read without any assistance. The robust library means that there are books for every child.
The hockey stick growth that MyOn has seen started to interfere with their own growth under the Capstone umbrella. The company was treated “like a garage startup within Capstone,” Brekhus told edsurge.com
Under Francisco Partners all 85 MyOn employees will remain with the company and they will use resources from the acquisition to add to the team.
“This sale allows Capstone to focus, to continue to innovate and to invest in the areas the business has always been most passionate about: creating rich content experiences, both print and digital,” Tom Ahern, Capstone CEO said in the prepared announcement.
MyOn will exhibit at ISTE 2017 in San Antonio for the first time on their own. Check out MyOn here.