Apple Computer Inc. said Wednesday it has agreed to acquire PowerSchool Inc., which provides a Web-based system for managing student records, in a stock transaction valued at $62 million.
The move should help boost Apple's position in the education market, one of its traditional strongholds. The company is looking to broaden its role there by providing products that help to run schools more effectively, Steve Jobs, Apple's chief executive officer, said in a statement.
PowerSchool is located in Folsom, California, and has 160 employees. Its software aims to provide a cost-effective way for teachers and administrators to manage student records online, and can also be used by parents to let them track their students' progress over the Web. The offering is available in a software format that can be run by schools, or as an outsourced model managed by a service provider.
The deal is subject to regulatory approvals, the approval of PowerSchool shareholders, and other customary conditions, Apple said.
Apple, in Cupertino, California, can be reached at +1-408-996-1010 or at http://www.apple.com/. PowerSchool can be contacted at +1-916-850-1200, and on the Web at http://www.powerschool.com/.