Focus will be on improving reading outcomes for millions of students
CHICAGO–(BUSINESS WIRE)–Sterling
Partners’ Education Opportunity Fund (EOF), a fund focused on
partnering with purpose-driven companies and leaders who foster
innovation within the education sector, announced today its investment
in Reading
Plus®, an adaptive literacy intervention and practice tool for
grades 3-12. The partnership with EOF will enable Reading Plus to expand
its best-in-class customer success operations, explore technology
enhancements, and further develop sales and marketing functions. This
partnership is EOF’s sixth platform investment in its most recent fund.
Company founder and CEO Mark Taylor developed the product with guidance
from a team of leading reading researchers. The Reading Plus assessment
and instructional model improve reading comprehension, reading
efficiency, as well as student motivation for reading. It is the
first—and only—program to assess and address all three domains of
reading proficiency.
“We are thrilled to join forces with EOF,” said Taylor. “Working with
EOF allows us to reach even more students with our best-in-class product
and to empower students of all abilities with reading proficiency. We
want to instill in every student a love of reading.”
Taylor added, “We met with many potential partners, but EOF had the
track record of partnering with founder-owned businesses, which was very
important to us. They are committed to working with the Reading Plus
team to bring our program to millions of additional students.”
“Mission-driven, culture-focused, and passionate companies like Reading
Plus embody the spirit and inception of EOF,” said Jason Rosenberg, a
Managing Director of the Education Opportunity Fund. “We are excited to
work with Mark and his team to ensure their best-in-class product
reaches its full potential for growth and impact in the United States
and abroad.”
Following the close of the partnership, Taylor will move to the new role
of Executive Chairman of the Board, where he will continue to provide
counsel on strategy. Steven Guttentag, Ph.D., will assume the role of
Chief Executive Officer. Dr. Guttentag, who has extensive experience as
an educator, school administrator, and operator in the K12 space, was
most recently President of Pearson’s Online and Blended Learning
Division. Previously, he was the co-founder of Connections Academy,
which was sold to Pearson.
“I am extremely excited to partner with Mark and the Reading Plus team,”
said Guttentag. “Reading Plus checks every box for me. The company has a
great culture, a differentiated product rooted in results, strong
channel partners, and an opportunity to impact millions of students by
improving their reading skills.”
About Reading Plus: Reading Plus is an adaptive literacy
intervention that develops the fluency, comprehension, and motivation
students need to be successful readers. Built on decades of research,
Reading Plus assesses efficiency, and also measures and increases
motivation and comprehension. The program allows students to practice at
their own pace and uses adaptive technology in a truly meaningful way.
To date, the millions of students using Reading Plus have gained an
average of two grade levels of proficiency with 40 hours of use. For
more information, visit www.readingplus.com.
About Sterling Partners Education Opportunity Fund: Sterling
Partners is a diversified investment management firm committed to
building high-quality companies. Its eighth private equity fund, the
Education Opportunity Fund (“EOF”), was launched in partnership with
Strada Education Network in April 2015. The Fund’s objective is to
invest in purpose-driven companies and partner with high-performing
leaders who are taking an innovative approach to transforming the
education landscape. EOF targets opportunities where it can invest $10
million to $50 million of equity capital in growth-stage,
technology-relevant businesses. For more information, visit www.educationfund.sterlingpartners.com.
Contacts
Taylor Trovillion
312-329-3983
[email protected]
