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Edtech startup Engrade lands $50m jackpot from McGraw-Hill Education

Education startup Engrade has struck the big time with McGraw-Hill Education deciding the fork out around $50 million [£30.5 million] to buy the company.

Related: HP signs up to provide SaaS to UK education institutions

The online gradebook solution, which was founded back in 2003, will form part of McGraw-Hill Education’s secondary education portfolio and allow it to expand Engrade’s current base.

“There’s no better company for us to join forces with than McGraw-Hill Education; combining their 125 years of educational expertise with Engrade’s personalized learning platform empowers schools to offer each student a personalized educational experience. With the Engrade platform, students can log in once and use multiple tools and content sources, and teachers and administrators can track a student’s progress in all of those tools from a single dashboard,” stated Zach Posner, CEO of Engrade.

Sources told Tech Crunch that the deal totalled around $50 million [£30.5 million] with no confirmation by either side as to whether this is the case and there were few other details on the acquisition made public.

Engrade started out over 10 years ago when high school student Bri Holt spotted a gap in the market after many of his co-students complained of not having a place to view all their grades online. Holt gained some web development skills and eventually built the solution from the ground up with teachers and students at his school adopting the solution gradually.

It was only in 2010 that it had managed an impressive amount of organic adoption in the teaching community and from there on it has been a rousing success.

Education has begun to gradually embrace all manner of new technology in recent times with cloud computing, in particular, an area that is being pegged for growth in the coming years.

Related: New Android tablets for education introduced by Intel

The likes of HP and Intel have already begun to enter the space and it’s only a matter of time before cloud computing is a big fixture in the administrative side of education.