John Wiley & Sons, Inc. (NYSE:JWa) (NYSE:JWb), a global leader in
research and education, announced today it has signed an agreement to
acquire the assets of Knewton, a provider of affordable courseware and
adaptive learning technology for an undisclosed amount. The transaction
is expected to close on or around May 31, 2019, subject to customary
closing and regulatory conditions.
Headquartered in New York City, Knewton has developed an advanced
learning system demonstrated to deliver highly-personalized learning
experiences that drive superior outcomes. The Company’s Alta courseware
platform delivers high-quality, Open Educational Resource (OER) content
to more than 300 colleges and universities, with course offerings in key
subject areas, including math, chemistry and economics. The acquisition
of the Alta platform, combined with Wiley’s reach, will accelerate
Wiley’s position in the rapidly-growing, affordable courseware market.
“The Knewton team have long been pioneers in digital and data-driven
learning and now they are leading the way in the delivery of powerful,
affordable courseware,” said Brian Napack, President and CEO of Wiley.
“The Alta platform’s proven ability to drive outcomes at affordable
price points is right on target with what the market is demanding. We
are truly thrilled to have the team join the Wiley family.”
Mr. Napack continued: “The demand has never been greater for courseware
that addresses two critical needs in education – outcomes and
affordability. The addition of Knewton’s technology capabilities and the
Alta platform to Wiley’s portfolio of leading content, learning
platforms, and business models enhances our position as a leader in the
high-demand, career-focused markets where Wiley chooses to play.
Further, it enhances Wiley’s position as the high-impact education
partner for our unmatched network of university and corporate clients.”
Knewton’s products are built on unique adaptive learning technologies
that are optimized to improve learning outcomes through enhanced
teaching and learning experiences and the delivery of real-time
personalized learning recommendations. The platform’s advanced
algorithms deliver custom learning experiences to address the unique
needs of each learner through instantaneous feedback, learning pathways,
and expert resources.
“Wiley is a company that brings global scale, a legacy of integrity, and
a commitment to lifelong learning, research, and innovation, and joining
the Wiley family fulfills our vision to put achievement within reach for
all,” said Brian Kibby, CEO of Knewton. “I’d like to thank our board for
their guidance, our founder Jose Ferreira for his incredible vision, and
most importantly, the talented and devoted group of Knerds at Knewton
who helped us reach this point.”
Additional Information
About Wiley
Wiley drives the world forward with research and education. Our
scientific, technical, medical, and scholarly journals and our digital
learning, certification, and student-lifecycle services and solutions
help students, researchers, universities, and corporations to achieve
their goals in an ever-changing world. For more than 200 years, we have
delivered consistent performance to all of our stakeholders. The
Company’s website can be accessed at www.wiley.com.
About Knewton
Knewton puts achievement within reach for everyone through adaptive
learning technology and products that deliver personalized and lasting
learning experiences. Educators, schools and universities, and education
companies around the world use Knewton to power and provide digital
courses that dynamically adapt to each student’s unique needs. More than
15 million students around the world have used Knewton-powered courses
to date. Knewton was founded in 2008 and is headquartered in New York
City.
Forward-Looking Statements
This release may contain certain forward-looking statements. Reliance
should not be placed on forward-looking statements, as actual results
may differ materially from those in any forward-looking statements. Any
such forward-looking statements are based on a number of assumptions and
estimates that are inherently subject to uncertainties and
contingencies, many of which are beyond the control of the Company and
are subject to change based on many important factors. Such factors
include, but are not limited to (i) the level of investment in new
technologies and products; (ii) subscriber renewal rates for the
Company’s journals; (iii) the financial stability and liquidity of
journal subscription agents; (iv) the consolidation of book wholesalers
and retail accounts; (v) the market position and financial stability of
key online retailers; (vi) the seasonal nature of the Company’s
educational business and the impact of the used book market; (vii)
worldwide economic and political conditions; (viii) the Company’s
ability to protect its copyrights and other intellectual property
worldwide (ix) the ability of the Company to successfully integrate
acquired operations and realize expected opportunities and (x) other
factors detailed from time to time in the Company’s filings with the
Securities and Exchange Commission. The Company undertakes no obligation
to update or revise any such forward-looking statements to reflect
subsequent events or circumstances.
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