M&A advisory for education software companies
Education software M&A has run through a long consolidation cycle. PE platforms steadily roll up K-12, higher-ed and workforce learning assets, and strategic acquirers expand across adjacent categories. Deal activity tracks district renewal cycles, with consumer learning held to materially tougher engagement bars.
The active buyer set is dominated by edtech-focused PE platforms running multi-year K-12 and higher-ed roll-ups, alongside strategic acquirers across the major learning and assessment groups expanding into adjacent categories. Flow has direct access to the edtech PE platforms and strategics that buy in this category.
Flow team has relevant sector experience and has worked with education software companies across K-12, higher-ed and SIS, corporate and professional learning, tutoring and consumer apps, and edtech assessment.
"Education software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing education software M&A targets
ARR
Seats / users
District renewal rate
Net retention
ARPU
Active learners
CAC payback
B2B vs B2C mix
Gross margin
Engagement / DAU
Education software valuations in May 2026
Public education software comps trade at 1.3x EV/Revenue. Median revenue multiple across education software M&A deals was 2.7x in the last 12 months.
1.3x
Median EV/Revenue as of May 2026 for public education software companies
3.8x
Constellation Software is the highest valued public education software company based on EV/Revenue (excluding outliers)
2.7x
Median EV/Revenue across education software M&A deals in the last 12 months
10x
Median EV/Revenue across education software VC rounds in the last 12 months
Key recent education software M&A deals
$1.0B acquisition of Chalkie by OpenAI was the largest education software M&A transaction completed in the last year.
See all education software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Apr-26 | Chalkie |  | Chalkie is an AI platform providing tools for educators to streamline lesson planning. It leverages artificial intelligence to generate customized plans, resources, and assessments for classroom use. | OpenAI | $1.0B | - | |
Mar-26 | comicsplus |  | Comics Plus grants schools, libraries, and institutions unlimited simultaneous access to comics, graphic novels, manga, and picture books from publishers like Dark Horse and Image Comics via web browser and apps. | Zoobean | $600M | - | |
Jun-25 | eDynamic Learning |  | eDynamic Learning is a provider of digital curriculum for high school career and technical education courses. Vancouver, Washington-based, the company publishes over 200 standards-aligned electives in subjects like health science, business management, and digital arts. Its courses integrate with learning management systems such as Canvas, Schoology, and Blackboard, supporting asynchronous delivery for districts nationwide. Founded in 2005, eDynamic Learning holds approvals from NCAA, UCOP, and state education boards, enabling flexible deployment in blended and virtual school environments. | Pearson | $225M | - | |
Feb-26 | T | Tieto (Edlevo and HR & Payroll products) |  | Tieto is a Helsinki-headquartered provider of specialized software for education through its Edlevo platform and comprehensive HR and payroll solutions. As part of TietoEVRY, the company delivers digital engineering services and industry-specific applications to clients across public and private sectors globally. | EG | $112M | 3.0x |
Mar-26 | Heads HR | | Heads HR is a HR company for schools. | Sapphire HR | $100M | - | |
Jan-26 | SweetRush Inc. | | SweetRush designs and develops custom blended learning solutions emphasizing performance improvement. The San Francisco-based firm serves enterprise clients with interactive training programs recognized by industry awards. | NIIT Learning Systems | $26M | - | |
Jul-25 | MST |  | MST is a European provider of learning analytics platforms, e-learning portfolio management, and customized training delivery for corporate clients. Headquartered in Brussels since 2001, it analyzes LMS data from Moodle and Canvas for 50+ multinational firms like Siemens. MST deploys AI-driven dashboards tracking completion rates across 20 languages. | NIIT | $24M | - | |
Jul-25 | MST | | MST is a European provider of learning analytics platforms, e-learning portfolio management, and customized training delivery for corporate clients. Headquartered in Brussels since 2001, it analyzes LMS data from Moodle and Canvas for 50+ multinational firms like Siemens. MST deploys AI-driven dashboards tracking completion rates across 20 languages. | NIIT Learning Systems | $24M | - | |
Sep-25 | Masterplan.com | | - | Amadeus Fire | $22M | 2.4x | |
Jun-25 | Sanako | | Sanako is a Helsinki-headquartered provider of multimedia language learning platforms and ICT tools for education and corporate training. The company offers Sanako Connect for live classes and Sanako One for blended learning with recording and assessment features. Launched in 2003, Sanako serves schools in over 100 countries, integrating with Zoom and Teams. | Shape Robotics | $9.3M | 4.0x | |
Apr-26 | MEDIAL | | MEDIAL is a software solution used by education and enterprise organizations. | SEEEN | $1.6M | 2.0x | |
May-26 | SKA |  | SKA is a software development company. SKA provides IT training, 3D printing, project management, and mechanical and electrical design services. | GoEngineer | - | - | |
May-26 | The Mintable | | The Mintable is a leadership development platform that delivers cohort-based training programs for new and emerging managers. | Humankind | - | - | |
May-26 | Korbit Technologies | | Korbit Technologies is a Montreal-based developer of AI-powered intelligent tutoring systems for data science and artificial intelligence education. The company builds real-time adaptive tutors that deliver personalized pedagogical support, including definitions, examples, illustrations, and mind maps tailored to individual learner needs. Korbit has deployed its platform to train nearly 20,000 students globally through partnerships with institutions like Mila, Quebec's AI institute. Recognized by CB Insights as one of the top 100 AI startups worldwide, the firm has earned coverage in outlets such as the New York Times, Forbes, and Bloomberg. Its technology scales across thousands of courses for broad educational reach. | Boostsecurity.io | - | - | |
May-26 | Alongside | | Alongside is developing a mobile app featuring a chatbot that guides students to resources addressing their challenges. The app connects users to videos and support from peers facing similar issues in mental health and academic settings. Operating from the United States, it emphasizes accessible, conversational guidance for student well-being. | TimelyCare | - | - |
Most active buyers of education software companies
Newsela, NIIT Learning Systems and KEV Group are the most active acquirers of education software companies in the last three years.
See all education software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Newsela | | Newsela is an edtech company that adapts real-time articles from trusted publishers into multilevel reading materials for classrooms. New York-headquartered and founded in 2013, it serves millions of students across US schools with content in ELA, science, and social studies. The platform tracks reading progress and comprehension at newsela.com. | EveryDay LabsSchoolyticsFormative | 3 | |
NIIT Learning Systems |  | NIIT Learning Systems Ltd is engaged in providing managed training solutions which predominantly include technology-based solutions for learning and education management to improve efficiency and effectiveness to customers in the education sector in India and international markets. The company also offers a comprehensive suite of solutions including content, learning delivery, assessment, and technology for students and teachers, as well as solutions for institution administration and management. Geographically, the company derives a majority of its revenue from America, and the rest from Europe, India, and the rest of the world. | SweetRush Inc.MSTiamneo.ai | 3 | |
KEV Group | | KEV Group is a Plano, Texas-based software provider for school activity fund management, serving over 8,000 schools across North America. Founded in 2002, its School Cash Suite handles accounting, online payments, and student fee tracking for extracurriculars like sports and clubs, ensuring PCI-compliant transactions and audit-ready reports. | TES SoftwareGray Step SoftwareInTouch Receipting+1 | 3 | |
Portico | | Portico is a cloud-based platform that unifies student information systems, learning management, and analytics for K-12 schools and districts. Adopted by over 100 US districts, it handles enrollment, attendance tracking, gradebooks, and parent portals while integrating with tools like Google Classroom and Canvas. The Austin-based company, founded in 2020, emphasizes data privacy compliance with FERPA and SOC 2 standards to improve administrative efficiency and academic performance. | Campus IvyCourseKeyVerity IQ+1 | 3 | |
Raptor Technologies | | - | SmartPassPayK12PublicSchoolWORKS | 3 | |
Learning Pool | | Learning Pool is a Derry, Northern Ireland-headquartered full-service e-learning company delivering learning management systems, custom content creation, and analytics tools to over 1,000 organizations worldwide. Backed by Carlyle Cardinal Ireland since 2016, it has completed four acquisitions and serves sectors including government, healthcare, and manufacturing. The Curve LMS platform supports mobile learning with AI-driven personalization, while its content library covers compliance training and soft skills. Recent recognitions include Brandon Hall Group awards and Gold Investors in People accreditation. | ElucidatWorkRampConfirm+1 | 2 | |
Shape Robotics |  | Shape Robotics AS is an educational technology company. It has developed schools with excellent classroom technology for STEAM Education which stands for Science, Technology, Engineering, Arts, and Mathematics. Its products include educational robots, such as Fable, Fable Go, Fable Explore, Steam Lab, and Teacher Zone. It operates in Denmark, Romania, Poland, United States, United Kindom, Moldova, and Others. It derives maximum revenue from Romania. | SanakoSkriwareVideo Technic Systems | 2 | |
Vista Equity Partners | | Vista Equity Partners is an Austin-headquartered global investment firm specializing in private equity, credit, and data-driven strategies for enterprise software companies. The firm invests across North America, Europe, Israel, and India, managing buyouts, growth equity, and structured credit in sectors like cybersecurity, financial software, and healthcare IT. Portfolio highlights include companies such as Pluralsight, Ping Identity, and TRG Screen, with a focus on operational transformations through proprietary Vista Best-in-Class Model. | StarRezPowerSchoolDentira+1 | 2 | |
Nelnet Business Services | | Nelnet Business Services is a provider of electronic payment processing and community management software for K-12 schools, colleges, churches, and businesses. The division offers online payment portals, tuition management, event registration, and fundraising tools. As part of Nelnet, Inc., it serves educational institutions nationwide from its base in Lincoln, Nebraska. | Invision DigitalNext Gen Web | 2 | |
ArbiterSports | | ArbiterSports is a sports officiating management platform that schedules officials for leagues and tournaments across the United States. It provides scheduling software, registration tools, and payment processing for over 1 million games annually in sports like basketball, soccer, and football. Headquartered in Draper, Utah, the company founded in 1999 following the merger of two officiating firms serves high school associations, NCAA conferences, and youth organizations. ArbiterSports integrates with NFHS for background checks and assigns over 500,000 referees each season. | BigTeamsRschoolTodayVertical Raise | 2 |
Founders and investors we've worked with
We've supported winning builders across education software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
See moreRecent M&A advisory track record
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