Pearson, the international media and education company, has agreed to sell its Data Management business to M & F Worldwide Corp. for $225 million in cash. The transaction is expected to close in the first quarter of 2008, subject to closing conditions.
The business manufactures scanners, prints forms and provides support services for customers in education (for student testing, classroom attendance and grade reporting) and in commercial and government organizations (for payroll, training and customer satisfaction surveys). Headquartered in Eagan, Minnesota, it became part of Pearson through the acquisition of National Computer Systems in 2000. In 2007, it had external sales of $112 million and operating profit of $25 million.
M & F Worldwide is the indirect parent company of Scantron Corporation, which provides assessment and survey solutions to education and commercial organizations.
"This is a successful business that will benefit from being part of an organization focused on scanning technologies across many industries," said Marjorie Scardino, Pearson's chief executive. "For Pearson, this transaction further sharpens our focus on our market-leading education and publishing franchises."
For more information
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