Renovus Capital Partners, a Philadelphia-area private equity firm focused on investing in the education and technology services sectors, announced the sale of Hoonuit to PowerSchool, the largest U.S. provider of K-12 education technology solutions.
"Renovus has been an outstanding partner over the years," said Paul Hesser, CEO of Hoonuit. "They were a valuable sounding board on corporate strategy, led our financing activities, and provided expertise in M&A projects including our ultimate sale to PowerSchool. Under Renovus's ownership, we transformed Hoonuit, becoming the leader in K-12 education analytics."
"Over the last four years, we supported this talented management team who drove Hoonuit's impressive rise to become the industry leader in analytics. We could not be happier with the outcome," said Jesse Serventi, a founding partner of Renovus.
"With the acquisition of Hoonuit PowerSchool can now offer a fully comprehensive education technology system for K-12 educators with advanced analytics woven throughout," said Hardeep Gulati, CEO of PowerSchool. "The pandemic has accelerated digital transformation in schools, while also increasing challenges in equity, enrollment and learning outcomes, and we are dedicated to ensuring the tools educators are using to bridge enrollment and learning gaps today will also enhance student outcomes into the future."
Ernst and Young and Kirkland and Ellis advised PowerSchool on the acquisition, while Faegre Drinker Biddle & Reath LLP advised Hoonuit.
About Renovus Capital Partners
Founded in 2010, Renovus Capital Partners is a private equity firm specializing in the Knowledge and Talent industries. Renovus, from its base in the Philadelphia area, manages $600 million across several investment vehicles. The firm's current portfolio includes over twenty U.S. based businesses specializing in educational technology and content, higher education, corporate learning and development, healthcare services and technology services. Renovus typically partners with founder led businesses, leveraging its industry expertise and access to debt and equity capital to make operational improvements, pursue tuck-in acquisitions and oversee strategic growth initiatives. More information can be found at www.renovuscapital.com
About PowerSchool
At PowerSchool, we believe in the simple truth that every student deserves the best opportunities in life. That's why our mission is to power the education ecosystem with unified technology that helps educators and students realize their potential, in their way. From the front office to the classroom to the home, PowerSchool helps schools and districts efficiently manage instruction, learning, grading, attendance, assessment, analytics, state reporting, special education, student registration, talent, finance, and HR. Today, we're proud to be the leading provider of K-12 education application technology supporting over 45 million students in over 80 countries. Visit www.powerschool.com to learn more.
