Wednesday, July 21, 2010

SynapticMash Acquired By Promethean World

Seattle-based SynapticMash, a firm that develops educational tools for the classroom, has been acquired by Promethean World Plc., a provider of interactive learning technology. According to Promethean, it will pay $10M in cash, plus up to $3M in performance-related compensation for SynapticMash. The firm said the buy is expected to be complete before the end of the month. SynapticMash sells its product to U.S. school districts, through a subscription model. The firm had been backed by Raycliff Capital and Vantage Partners. SynapticMash's software was used by educators to continually evaluate student performance, to help teachers modify their lessons to help those students. Promethean said it will integrate SynapticMash's software into its products, and also continue to sell the title as a stand-alone. The firm did not say how the buy will affect the 25 people that SynapticMash currently has in Seattle, but did reveal that SynapticMash had $700K in revenues in 2009, and a net income loss of $2.5M.