(Bloomberg) -- Blackboard Inc., an education technology provider backed by Providence Equity Partners, is combining with Veritas Capital's portfolio company Anthology, according to a statement Monday.
Terms of the deal aren't being disclosed. The combined company will be valued at about $3 billion dollars including debt, people familiar with the matter said, asking not to be identified discussing confidential information. It will have about 4,000 employees, one of the people said.
Anthology was valued at $925 million last year, according to data provider PitchBook.
The companies are combining at a time when remote education and the technology tools that power it are having a moment.
Washington-based Blackboard provides grades K-12 and higher education institutions with software to access web-based course material for students and teachers. Providence paid $1.64 billion to buy BlackBoard in 2011. It has struggled with its debt load in recent years, Bloomberg News previously reported.
Veritas and Leeds Equity Partners formed Anthology in 2020 after merging Campus Management, Campus Labs and iModules. Following the transaction, Veritas will be the majority owner of the combined company, while Providence and Leeds will hold minority stakes.
JPMorgan Chase & Co. and UBS Group AG are providing committed financing to Anthology, while Deutsche Bank AG served as financial adviser to Blackboard.
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