National Education Corp. said Monday it has agreed to acquire Edunetics Ltd., an Israeli company that develops and markets software systems for teaching science and mathematics.
Irvine-based National Education said it will pay $12 million cash, or about $2 per share of Edunetics stock. Edunetics will operate as part of Steck-Vaughn Publishing Corp., a publisher of supplemental education materials that is 83% owned by National Education. The transaction must be approved by the boards of National Education, Steck-Vaughn, Edunetics and Israel Corp., which holds a 51.4% interest in Edunetics. Shareholders of Edunetics also must approve the acquisition.