Apollo Global Management-backed McGraw-Hill Education has agreed to acquire Engrade, the developer of an open digital platform for K-12 education. Engrade's platform helps faculty and administrators integrate software, applications and resources. McGraw-Hill Education plans to grow the company's platform while integrating it with its own.
Engrade was previously VC-backed, most recently receiving a $5 million Series B financing in July 2013 that was led by Javelin Venture Partners. The financing gave the company a $21.5 million post-money valuation at that time. Its acquisition is the second add-on for McGraw-Hill Education since Apollo Global Management bought it in March 2013; ALEKS' June 2013 deal was the first.