Folsom, CA -- September 30 , 1999. PowerSchool, Inc., the leading provider of web-based student information systems to K-12 schools, today announced the closing of its Series A financing in the amount of approximately $2.5 million.
"This is another step toward reaching our goal of being fully implemented in 2,000 schools and having an online community of over 2 million users by the end of the year 2000," said Greg Porter, PowerSchool's president and CEO.
According to Porter, investors include Group One, Snider Capital, Bain & Company, Iter Occidentale and several strategic individuals. He also said that the company has operated profitably since the beginning of 1999 and that in less than two years, PowerSchool has attained an installation base of over 300 schools in 19 states with over 300,000 students, parents, teachers and administrators using the system.
"We have an enormous growth upside because of our web-based architecture. This is a key point of differentiation from our competitors and it positions us to effectively capitalize on other web-related opportunities," Porter noted.
PowerSchool's unique web-based architecture provides parents and students with real-time access to grades, attendance, assignments and more. It also provides educators with a comprehensive set of features to facilitate administrative tasks including transcripts, report cards, attendance, form letters, district and state reports and discipline. The system also allows parents and educators to communicate quickly and effectively through e-mail.
"We are very excited about our investor group and what they bring to the table," remarked John Stone, executive vice president. "This investment represents the beginning of an aggressive capital raising effort which will extend into the year 2000 as key partnership and strategic announcements are made throughout the next several months.
About PowerSchool
As the leading provider of K-12 web-based student information systems, PowerSchool partners with schools to improve the quality and effectiveness of education by empowering students, parents and educators with real-time, relevant assessment tools and access to educational resources online. Its unique web-based architecture provides parents and students with real-time access to grades, attendance, assignments and more. PowerSchool also incorporates database functionality with a comprehensive set of features to facilitate administrative tasks including transcripts, report cards, attendance, form letters, district and state reports and discipline.
By the end of 2000, PowerSchool expects to be implemented in 2,000 schools representing an online community of over 2 million loyal users. Headquartered in Folsom, Calif., PowerSchool works with companies like Apple Computer, Sun Microsystems, SchoolTone Alliance, EDTECH, ea Consulting and the LinkShare Network among others.