GIC in joint deal to buy software firm
SINGAPORE'S GIC and a United States-based private equity firm will acquire anti-plagiarism software-maker iParadigms for US$752 million (S$945 million), the firms said yesterday.
Oakland, California-based iParadigms makes the cloud-based software Turnitin, which is used by universities around the world to review submitted works for plagiarism and accurate citations.
In a joint statement, GIC and New York-based Insight Venture Partners said the deal to acquire iParadigms will likely be closed in the third quarter, but did not give a breakdown of the investment.
Investment firm Warburg Pincus is the majority owner of iParadigms.
"As a leading global investor, we are enthusiastic about the opportunity to partner with Insight and management to help iParadigms further expand its international footprint," Eric Wilmes, head of the North America Direct Investments Group at GIC Special Investments, said in the statement.
Deven Parekh, managing director of Insight Venture, lauded iParadigms for solving "some of the most persistent and universal challenges in education".
Apart from the Turnitin software used by over 24 million students and 1.6 million educators worldwide, iParadigms provides iThenticate, which verifies the authenticity of content for government and corporate clients.
Among its latest investments, GIC last month bought a stake in a Philippine hospital group and Brazilian online sports retailer Netshoes.