SchoolNet Closes $13 Million Financing; Proceeds To Fund Strategic Acquisitions and Fuel Growth

New York— SchoolNet, Inc., an education technology company that helps public school districts improve efficiency and increase academic achievement, today announced that it has completed a $13 million Series D financing led by The Carlyle Group, along with other returning investors including Ascend Ventures and the New York State Common Retirement Fund and Hamilton Lane. SchoolNet will use the funds to fuel its organic growth and make strategic acquisitions.

SchoolNet offers modules for assessment, reporting, curriculum deployment, professional development management, advanced analytics, parent portals, and enterprise dashboards. SchoolNet's products and services are used by many of the nation’s largest school districts including Chicago Public Schools and the School District of Philadelphia.

“With the economic challenges facing the nation, school districts are looking for cost effective ways to improve achievement and increase productivity,” said Jonathan D. Harber, CEO of SchoolNet. “School districts seek strong partners that can support data-based decision-making and offer a full spectrum of integrated instructional technology solutions. Our success within the nation’s largest school districts puts SchoolNet in a good position to continue to lead the education technology market.”

“Since our initial investment in SchoolNet in 2006 we’ve seen significant growth in demand for technology-based educational productivity solutions,” said Brian Hayhurst, Managing Director of Carlyle Growth Partners. “SchoolNet is a strong player in an important market. We believe there are excellent opportunities for SchoolNet to acquire other strategic technology companies that can enhance their offerings in the education market.”

“K-12 education is a large, growing market that will have increased national support as the country begins to invest in the future of our economy,” said Darryl Wash, Managing Partner of Ascend Venture Group. “Through its track record over the past ten years, SchoolNet has proven that its solutions can revolutionize the way school administrators operate, the way teachers teach, the way parents stay involved, and the way children learn. SchoolNet is the type of investment that this country will need to make to drive past the current economic slump.”

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About SchoolNet, Inc.
SchoolNet, Inc. is the leader in Data-Driven Decision Making for K12 school districts. SchoolNet’s award-winning Instructional Management Suite (IMS) helps districts improve efficiency and increase student achievement. The Instructional Management Suite offers modules for Assessment, Reporting, Curriculum Deployment, Professional Development Management, Advanced Analytics, Parent Portals, and Enterprise Dashboards. SchoolNet's solutions are used successfully by many of the nation’s largest school districts including Chicago Public Schools and the School District of Philadelphia. SchoolNet is recognized by the Inc. 500 List and Deloitte’s Fast 50 and as one of the fastest growing private companies in the country. For more information, please visit www.schoolnet.com.

About Ascend Venture Group
Ascend Venture Group, LLC is a private investment management firm headquartered in New York City. Ascend combines highly sophisticated financial expertise with unique access to investment opportunities to create attractive risk/reward portfolios and partnerships for its investors. The firm targets investment opportunities in the applied technology and for-profit education industries, please visit www.ascendventures.com

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