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Renaissance Learning sold for $1.1 billion after Google investment

The education software developer has sold its business to private equity firm Hellman & Friedman.

Google Capital might just have the Midas Touch.

Renaissance Learning will announce on Thursday that private equity firm Hellman & Friedman has acquired it for $1.1 billion, The New York Times reported on Thursday. Just last month, Renaissance Learning raised $40 million from Google Capital, the search giant's latest venture-capital arm. The investment was based on a $1 billion valuation.

Speaking to the Times in an interview on Thursday, Renaissance Learning chief John Lynch Jr. said that while it might look "like it was orchestrated" to match up with Google's investment, "it was actually serendipitous."

Renaissance Learning is one of the foremost education-software providers. The company makes programs for schools to track student progress and help teachers create teaching plans.