Sam Paddock (pictured on right), who is the company’s CEO, said he and his co-founder and brother Rob weren’t looking to be acquired.
“It became clear that joining forces would result in an organisation that could power the world’s best digital education. This was too big an opportunity to pass on,” he said.
The deal, reported by Forbes magazine in an article yesterday includes an earn-out provision of as much as $20m in cash.
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