PCI Education was sold to PRO-ED, Inc. in mid-December 2012. Since then I’ve fielded a lot questions about the sale. This post is an attempt, from my perspective as PCI’s former CEO, to answer the big questions in one place.*
What Is The Rationale For The Deal?
There are several good reasons for combining the operations.
Special Education appears to be the first K12 market segment seeing the education stimulus dollars flow in volume.
At PCI Education we saw our numbers start to move up towards the end of May. By August we were roaring on all cylinders. As a private company we don’t report out our details, but July was up over prior year and orders booked in August were more than double what we saw in 2008. I’ve heard through the grapevine that Cambium is in the same boat.
What is particularly stunning for us is that according to the reports on the USDOE’s site by the end of August only about 15% of wave 1 of the IDEA ARRA funds had been committed. This handy report shows all the stimulus buckets for education and how much each state has already spent – bookmark it if you don’t have it.
PCI Education got a new President & CEO last week. This is a big change across many aspects of my life but I believe it is the right move for the company and for me.
The official announcement is here.
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