Francisco Partners, a leading technology-focused global investment firm has purchased Follett School Solutions, the K-12 software and content division of Follett Corp.
Follett School Solutions, based in McHenry, Ill., is an educational partner to K-12 schools and districts that provides software and content products, including Follett Destiny, FSS’ library management system.
“FSS has played a pivotal leadership role in the development of content and technology solutions for schools everywhere, and as a result of this transition to Francisco Partners, we expect the business to significantly expand its reach across education,” said Todd Litzsinger, CEO and chairman of the board, Follett Corp. “On behalf of the Follett family and shareholders, I would like to thank the FSS employees, publishing partners, librarians, teachers, schools and school districts for the long and rich partnership we have enjoyed. Our family-owned company has long and deep ties to this business and a strong interest in its ongoing success, which is why we are pleased Francisco Partners will be leading and growing FSS in the years to come.”
“FSS has amassed an impressive customer base over its long and accomplished history,” said Jason Brein, partner at Francisco Partners. “We thank the Follett family for their trust in us, and we look forward to working with Britten Follett and her team to accelerate this investment in FSS’ market leading software and content solutions.”
“While we have different owners, Follett will remain a household name for many more generations of school librarians, teachers, administrators and students,” said Britten Follett, a fifth-generation family member who assumes the title of CEO of FSS Content. “And our purpose and reason for being remain the same: We are here to improve the world by inspiring learning and shaping education – with more focus on that goal than ever.”
“We see significant opportunity for rapid growth and continued success,” said Paul Ilse, who most recently served as CEO of Discovery Education, a Francisco Partners’ portfolio company, will become CEO of FSS Software. “Britten and I will work together to ensure that our software user experience takes full advantage of our content ecosystem.”
Morgan Stanley & Co. LLC served as sole financial advisor to Follett Corporation.