Apple to Acquire PowerSchool
CUPERTINO, California-March 14, 2001-Apple® today announced plans to acquire privately-held PowerSchool Inc., the leading provider of web-based student information systems for K-12 schools and school districts. PowerSchool gives school administrators and teachers the ability to easily and cost-effectively manage student records and gives parents real-time access to track their childrens progress. The PowerSchool student information system has been selected by 2,000 schools nationwide.
Apple has a legacy of helping teachers teach and students learn. We are now expanding that mission to include helping schools run more effectively, said Steve Jobs, Apples CEO. By acquiring PowerSchool and welcoming its talented employees to Apple, we instantly become the leading provider of web-based student information systems nationwide.
Apple will acquire PowerSchool for $62 million in Apple stock. PowerSchool, located in Folsom, California currently has 160 employees. The closing is subject to regulatory approvals, approval of PowerSchool shareholders, and other customary conditions to closing.
Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on managements current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements contained herein include statements about the consummation of the transaction with PowerSchool and benefits of the pending transaction with PowerSchool. Factors that could cause actual results to differ materially from those described herein include the inability to obtain regulatory approvals and the inability to successfully integrate the PowerSchool business. Apple Computer is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
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