Tuesday, January 27, 2009

SchoolNet Gets Additional Carlyle Group Funding

The Carlyle Group invested $13 million in SchoolNet, alongside three other entities. Carlyle invested in the company in 2006. The corporate press release stated:

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.

The Carlyle Group uses political connections to increase affiliate business. President Obama's new Secretary of Education Arne Duncan came from Chicago Public Schools. Will Carlyle drag SchoolNet through the Federal Treasury, scooping up stimulus package profits?

It will be their second pass. Affiliate Boston Private Financial Holdings netted $153 million in TARP money. Corporafornication may be alive and well as private equity underwriters (PEU's) enter their finest hour.

Update 5-23-11:  Carlyle will cash in on SchoolNet, given Pearson's $230 million acquisition of the company. Carlyle's interest in schools is both personal and business according to WaPo.