The Private Equity team advised an investment entity affiliated with Insight Venture Partners, GIC and their co-investors in their sale of Turnitin to Advance. The transaction has no financing condition and is subject to customary regulatory approvals, with closing anticipated in the second quarter of 2019. Financial terms of the transaction were not disclosed.
Turnitin solutions promote academic integrity, streamline grading and feedback, and improve outcomes across educational levels and content areas. Growing from one million student paper submissions in 2002 to one billion in 2018, Turnitin serves over 15,000 institutions.
Headquartered in Singapore, GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. The company has investments in over 40 countries and has been investing in emerging markets for more than two decades.
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide.
The Goodwin team was led by partners Ilan Nissan, Eric Willenbacher and counsel Eric Piasta and included partners Andrea Murino, James Mattus, Steven Argentieri, Joshua Soszynski, Milena Tantcheva, Jordan Weiss and counsels Jacqueline Klosek and Christina Queiros Bouchot.
For additional details on the acquisition, please read the press release.