Ellucian announced that private equity firms TPG Capital and Leonard Green Partners acquired a majority stake in the higher education SaaS provider from its current owners Hellman & Friedman LLC and JMI Equity.
Terms of the deal have not been disclosed, but sources told Reuters that the deal could value Ellucian around $3.5 billion. The deal is expected to close by the end of this year.
Ellucian is based on the assets of Datatel and SunGuard. H&P and JMI acquired Datatel in 2009 for $570 million. In 2012 Datatel acquired SunGuard’s higher education assets for $1.8 billion, renaming the company to Ellucian.
Ellucian currently serves 2.400 institutions in 40 countries. Last month the company announced that it will create 50 new jobs in Dublin.
Both TPG and H&P have been active in the education technology space in the past months. TPG led lynda.com’s $186 million Series B in January and sold Wikispaces to TSL Education last year. H&P acquired Renaissance Learning for $1.1 billion in March 2014.