Edusoft is Cinar's latest aquisition
Learning software is now one-third of company's revenue
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After deduction of the investment banking fee, shareholders of Edusoft, which trades on the U.S. Nasdaq index, will receive $8.33 per share.
It is the third major educational acquisition for Cinar over the past two years. Educational activities will now account for roughly 30 percent of revenue for the Montreal-based children's television producer and distributor. In 1997, Cinar purchased U.S. educational publisher Carson-Dellosa for $40 million and last May it paid $18 million plus 422,000 Cinar shares to acquire HighReach Learning, a Charlotte, North Carolina-based company that produces educational material for pre-schoolers.
Global reach
Edusoft, founded in 1991, develops, publishes and markets multimedia educational titles for the school and consumer markets. Its products are distributed in more than 40 countries.
The company, based near Tel Aviv, specializes in multimedia products, mostly CD-ROMs, in the science and language areas. It has a number of series for teaching English as a second language and its products sell particularly well in developing countries.
"We felt that the company (Edusoft) really complements our activities in the educational area," said Cinar chairman and co-CEO Micheline Charest.
Cinar -- which produces kids series "Arthur," "The Busy World of Richard Scarry," and "Wimzie's House" -- will also use the Edusoft products to help market the Cinar shows and characters.
