Roanoke education software company Interactive Achievement said it sold a minority share in the company in return for a $3.5 million investment that the company will use to expand its work force, product lines and market reach.
Interactive Achievement employs 45 people, most of them in the Roanoke and New River valleys, but now plans to add 15 to 25 people within 18 months, said Jonathan Hagmaier, a former school teacher and assistant principal who founded the company.
This is Interactive Achievement's first outside investment, Hagmaier said. The money came from a private equity firm in a deal that closed Monday, he said. He declined to name the firm or say how much of his company it bought.
Since it opened in 2006, Interactive Achievement has developed a suite of formative assessment products designed to analyze student performance data and identify which students need help as the school year progresses. The products are used by slightly more than 100 school districts in Virginia, South Carolina, Tennessee and Indiana, including Roanoke City Schools.
Hagmaier said the company's new investor is strongly committed to education improvement and its financial support "is going to be good for our clients, good for the company and good for the region."
Once hiring begins, Interactive Achievement expects to need software developers, sales associates, project managers, customer support personnel, content specialists and managers, Hagmaier said.
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