PowerSchool, provider of K-12 education software, to go private in $5.6B deal

Cloud-based education software vendor PowerSchool is being taken private by investment firm Bain Capital in a $5.6 billion deal.

The announcement comes amid a swathe of take-private deals led by private equity firms seeking a bargain on under-performing enterprise software firms.

Founded in 1997, PowerSchool is a web-based platform that helps educational institutions manage areas of their operations such as enrollment, grades, attendance, and communication with parents and students. The company went public on the New York Stock Exchange (NYSE) in 2021, after previously been acquired by private equity firms Onex and Vista.