Riverdeep
Encyclopedia
Houghton Mifflin Harcourt Learning Technology originally started as Riverdeep Interactive Learning, is a publishing house for educational online and CD-ROM
products based in San Francisco
and Dublin, Ireland. Founded in 1995, Riverdeep was principally the creation of the Irish ex-investment banker Barry O'Callaghan
. O'Callaghan was Riverdeep's CEO and controlling shareholder.
In October 2002, Riverdeep became a private entity when their stock price plummeted below $2 in NASDAQ.
On September 20, 2004, Riverdeep moved its Novato office to 100 Pine Street in San Francisco.
had completed its acquisition of Houghton Mifflin
. The new joint enterprise would be called the Houghton Mifflin Riverdeep Group. Riverdeep paid 1.75 billion in cash and assumed $1.61 billion in debt from the private investment firms Thomas H. Lee Partners
, Bain Capital Partners and The Blackstone Group
. Tony Lucki, a former non-executive director of Riverdeep, would remain in his position as Houghton Mifflin's chief executive officer. HM Rivergroup indicated it wanted to capitalize on the "convergence of print and digital education platforms."
(an information and publishing group) offloaded Harcourt US Schools Education business to Houghton Mifflin, Inc. for $4.0 billion, with $3.7 billion payable in cash and $0.3 billion payable in common stock of Houghton Mifflin, Inc.
Houghton Mifflin was privately held. Existing investors put up $23 million of equity financing to help to meet the $3.7 billion cash requirement for the purchase. Reed took a $300 million stake in Houghton Mifflin, Inc., which left it with 11.8 per cent of the common stock in the enlarged company.
The combined business became known as Houghton Mifflin Harcourt (HMH), and a new holding company, EMPG
, was created. The Riverdeep name is no longer used by HMH.
CD-ROM
A CD-ROM is a pre-pressed compact disc that contains data accessible to, but not writable by, a computer for data storage and music playback. The 1985 “Yellow Book” standard developed by Sony and Philips adapted the format to hold any form of binary data....
products based in San Francisco
San Francisco, California
San Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
and Dublin, Ireland. Founded in 1995, Riverdeep was principally the creation of the Irish ex-investment banker Barry O'Callaghan
Barry O'Callaghan
Barry O'Callaghan is an Irish businessman, Chairman and CEO of Houghton Mifflin Harcourt , and the Chairman of Education Media and Publishing Group , the Cayman Island holding company for Houghton Mifflin Harcourt....
. O'Callaghan was Riverdeep's CEO and controlling shareholder.
In October 2002, Riverdeep became a private entity when their stock price plummeted below $2 in NASDAQ.
On September 20, 2004, Riverdeep moved its Novato office to 100 Pine Street in San Francisco.
Houghton Mifflin
On December 22, 2006, it was announced that Riverdeep PLCPublic limited company
A public limited company is a limited liability company that sells shares to the public in United Kingdom company law, in the Republic of Ireland and Commonwealth jurisdictions....
had completed its acquisition of Houghton Mifflin
Houghton Mifflin
Houghton Mifflin Harcourt is an educational and trade publisher in the United States. Headquartered in Boston's Back Bay, it publishes textbooks, instructional technology materials, assessments, reference works, and fiction and non-fiction for both young readers and adults.-History:The company was...
. The new joint enterprise would be called the Houghton Mifflin Riverdeep Group. Riverdeep paid 1.75 billion in cash and assumed $1.61 billion in debt from the private investment firms Thomas H. Lee Partners
Thomas H. Lee Partners
Thomas H. Lee Partners is a private equity firm based in Boston, Massachusetts specializing in leveraged buyouts, growth capital, special situations, industry consolidations, and recapitalizations....
, Bain Capital Partners and The Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
. Tony Lucki, a former non-executive director of Riverdeep, would remain in his position as Houghton Mifflin's chief executive officer. HM Rivergroup indicated it wanted to capitalize on the "convergence of print and digital education platforms."
Reed Elsevier
In July, 2007, Reed ElsevierReed Elsevier
Reed Elsevier is a publisher and information provider operating in the science, medical, legal, risk and business sectors. It is listed on several of the world's major stock exchanges. It is a FTSE 100 and FT500 Global company...
(an information and publishing group) offloaded Harcourt US Schools Education business to Houghton Mifflin, Inc. for $4.0 billion, with $3.7 billion payable in cash and $0.3 billion payable in common stock of Houghton Mifflin, Inc.
Houghton Mifflin was privately held. Existing investors put up $23 million of equity financing to help to meet the $3.7 billion cash requirement for the purchase. Reed took a $300 million stake in Houghton Mifflin, Inc., which left it with 11.8 per cent of the common stock in the enlarged company.
The combined business became known as Houghton Mifflin Harcourt (HMH), and a new holding company, EMPG
EMPG
Education Media and Publishing Group, more commonly known as EMPG, is a holding company registered in the Cayman Islands with no operating subsidiaries. It also has a minority interest in an affiliate that focuses on markets outside the USA called EMPGI...
, was created. The Riverdeep name is no longer used by HMH.