Education startup SynapticMash acquired for $10 million |
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Mass High Tech
Education startup SynapticMash acquired for $10 million
Seattle education startup SynapticMash has been acquired for $10 million, with the possibility of a performance related earn-out of an additional $3 million if sales goals are met and executive talent remains. The three-year-old startup is being purchased by Promethean World Plc, which plans to integrate the technology with its handheld "Learner Response System" devices that are used by students to contribute in the classroom in real time at their own pace.
“SynapticMash has developed compelling software, which is wholly complementary to Promethean’s ActivClassroom education offering and significantly strengthens our formative assessment capabilities," said Promethean CEO Jean-Yves Charlier. "By integrating SynapticMash’s innovative software with our learner response systems we will create a powerful new proposition for the education market, in what we believe will be the most important way of measuring student achievement, helping to improve performance in the future.”
SynapticMash raised a $3 million round in 2008 from Raycliff and Vantage Partners, Microsoft Corporate Vice President Debra Chrapaty and others. It is led by CEO Ramona Pierson, who noted that the company's software is an "excellent fit with Promethean's technology."
SynapticMash posted revenue of $700,000 last year, with a net loss of $2.5 million. It employs 25 people, and those workers are expected to stay on.
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