A KKR Partnership with Weld North is set to make a huge investment in an education-software maker, The Post has learned.
The partnership, which includes billionaire Henry Kravis, is prepared to pump up to $200 million into Edgenuity in hopes of supercharging growth in what many see as a fast-expanding sector.
Edgenuity, which until today was known as Education2020, creates online software aimed at helping struggling middle- and high-school students meet core curriculums.
“This is our coming-out party,” Edgenuity CEO Sari Factor told The Post. “As we get into the mainstream, we felt it was time for a name change.”
KKR invests in Edgenuity through a partnership with Jonathan Grayer, the former CEO of Kaplan.
Edgenuity, like others in the online education sector, hopes to realize rapid growth in coming years as school systems across the country look for cost-effective ways to meet the soon-to-come national Common Core Curriculum standards.
Additional plans include teaching entire grade-school classes digitally.
“Many schools are cutting back on their electives,” Factor said. “We are a solution.”