Education Week - Navigating the Ed-Tech Marketplace - S24

TRENDS AND IDEAS
Ed-Tech Dealmaking
BY MICHELE MOLNAR
T
he increasing use of
data generated by
education technology
in K-12 is driving
more sophisticated
conversations
among dealmakers
looking to buy or
sell companies that serve schools.
Under the system that prevailed in
the market for years, a small group
of education companies dominated
the landscape because they could use
large sales forces to sell a wide variety
of products. That limited the ability
of smaller companies to emerge
and attract the attention of potential
buyers. But that environment is
changing.
Today, by looking at top mergers
and acquisitions in recent years, it's
possible to see the influence of educational
efficacy on business decisions,
said Deborah H. Quazzo, the founder
and managing partner of gsv Advisors,
a Chicago-based financial-advisory
company in the education sector.
"It was much harder to measure efficacy
in a world where we didn't have
data and digital learning," said Ms.
Quazzo.
Now, the "return on education" concept
should be the one driving companies'
value and viability rather than
the size of their sales forces, according
to Ms. Quazzo. To establish an
"roe," which is related to the business
concept of "roi," or return on investment,
Ms. Quazzo said companies
need to show the value of their products
using one of four results: "You're
either improving learning outcomes,
increasing access to education (think
moocs), driving down costs, and/or
improving leverage to the teacher
with a tool or platform that allows
teachers to access more students."
Professional development awaits you.
mrofs
LEADERSHIP DEVELOPMENT AT HARVARD
Leadership:
An Evolving Vision
JULY 6-12
Universal Design
for Learning
JULY 7-11
National Institute
for Urban School
Leaders
JULY 14-19
Tracking Impact
Education Week asked gsv Advisors
to identify top mergers and acquisitions
in K-12 education over the past
five years, using criteria showing an
impact on education and the industry.
Ms. Quazzo pointed to companies
acquired this year that she said
demonstrated high efficacy: Truenorthlogic,
a Sandy, Utah-based professional-development
management
platform provider for educators; and
Imagine Learning, a Provo, Utahbased
language- and literacy-software
program for English-language
learners, special education students,
and early-childhood education. The
two were acquired by Weld North
llc, a New York City-based investment
company.
Gsv Advisors also searched for
transactions with significant impact
as "market validations," meaning
they demonstrated enough value to
attract more capital to the K-12 market.
The company also identified deals
that drew new interest to the market,
such as Amazon's entry into the K-12
marketplace with its acquisition of
math startup TenMarks in 2013-or
bellringers, such as the $1.1 billion
acquisition of Renaissance Learning
by Hellman & Friedman, a San
Francisco-based private-equity firm.
Ms. Quazzo cited three other examples
of market validations: News
Corp.'s acquisition of Wireless Generation,
an ed-tech company, in 2010,
which led to the formation of Amplify;
and the Pearson acquisitions in 2011
of Schoolnet, an instruction management
company, and Connections Education,
which operates Connections
Academy, a K-12 virtual education
program. They were "terrific market
validations," she said.
Validations from educators are
another matter, with several experts
saying most administrators and
teachers pay little attention to "who
owns what" in the ed-tech world.
David A. Irwin, who consults with
For a complete list of 2014 programs, visit
www.gse.harvard.edu/ppe/transform
S24 | NAVIGATING THE ED-TECH MARKETPLACE
EDUCATION WEEK * June 11, 2014
> www.edweek.org/go/edtechmarket
top school district officials in the
country in his capacity as managing
partner of the K-12 education practice
at Gartner Inc., an informationtechnology
research and advisory
company, said, "Obviously, [educators]
follow Pearson, and Pearson
gobbling up all the different vendors,"
he said. "I haven't heard them being
concerned about the larger conglomerates.
They get excited that [companies]
are finally coming to market
with solutions." n
Top Ed-Tech
Mergers and
Acquisitions
GSV Advisors LLC a
Chicago-based investment
bank that connects education
entrepreneurs and growth
companies with investors
identified major transactions
in the educational technology
marketplace over the past five
years for Education Week.
* McGraw-Hill Education's
purchase of Engrade, an
instructional-improvement
platform, in 2014, and ALEKS,
the developer of an adaptivelearning
technology, in 2013.
McGraw-Hill Education itself
was acquired by Apollo Global
Management LLC for $2.5
billion in 2012.
* Amazon Inc.'s 2013
acquisition of TenMarks, which
produces Web-based math
programs. That transaction
signaled the online retailer's
entry into education.
* Weld North's creation of
a K-12 holding company,
and its acquisition this year
of Truenorthlogic, an online
provider of K-12 talent
management, and Imagine
Learning, an elementary
language and literacy provider.
* Archipelago Learning's
acquisition by Plato Learning
in 2012, which created
edmentum, an online learning
provider.
* Blackboard's sale in 2011
for $1.64 billion to Providence
Equity Partners and 2012
acquisition of Moodlerooms,
an open-source learning
provider.
* Rosetta Stone's 2013
purchase of Lexia Learning,
an English-reading-product
company.
* Renaissance Learning's
acquisition this year by
Hellman & Friedman for
$1.1 billion.
* Wikispaces' sale in March
to TSL Education, a Londonbased
educational publisher
and worldwide teachers'
network. TSL was bought by
U.S. private-equity firm Texas
Pacific Group in 2013.
* News Corp's acquisition of
Wireless Generation, an edtech
company, in 2010, which
led to the formation of Amplify.
* Pearson's 2011 acquisitions
of Schoolnet, an instructionalimprovement
provider, and
Connections Education, the
operator of Connections
Academy, a virtual education
provider.
SOURCE: GSV Advisors LLC
t
r
n
a
oati
n
)
http://www.gse.harvard.edu/ppe/transform http://www.gse.harvard.edu/ppe/transform http://www.edweek.org/go/edtechmarket

Education Week - Navigating the Ed-Tech Marketplace

Table of Contents for the Digital Edition of Education Week - Navigating the Ed-Tech Marketplace

Contents
Education Week - Navigating the Ed-Tech Marketplace - SCover1
Education Week - Navigating the Ed-Tech Marketplace - SCover2
Education Week - Navigating the Ed-Tech Marketplace - S1
Education Week - Navigating the Ed-Tech Marketplace - S2
Education Week - Navigating the Ed-Tech Marketplace - S3
Education Week - Navigating the Ed-Tech Marketplace - S4
Education Week - Navigating the Ed-Tech Marketplace - S5
Education Week - Navigating the Ed-Tech Marketplace - S6
Education Week - Navigating the Ed-Tech Marketplace - S7
Education Week - Navigating the Ed-Tech Marketplace - S8
Education Week - Navigating the Ed-Tech Marketplace - S9
Education Week - Navigating the Ed-Tech Marketplace - S10
Education Week - Navigating the Ed-Tech Marketplace - S11
Education Week - Navigating the Ed-Tech Marketplace - S12
Education Week - Navigating the Ed-Tech Marketplace - S13
Education Week - Navigating the Ed-Tech Marketplace - S14
Education Week - Navigating the Ed-Tech Marketplace - S15
Education Week - Navigating the Ed-Tech Marketplace - S16
Education Week - Navigating the Ed-Tech Marketplace - S17
Education Week - Navigating the Ed-Tech Marketplace - S18
Education Week - Navigating the Ed-Tech Marketplace - S19
Education Week - Navigating the Ed-Tech Marketplace - S20
Education Week - Navigating the Ed-Tech Marketplace - S21
Education Week - Navigating the Ed-Tech Marketplace - S22
Education Week - Navigating the Ed-Tech Marketplace - S23
Education Week - Navigating the Ed-Tech Marketplace - S24
Education Week - Navigating the Ed-Tech Marketplace - SCover3
Education Week - Navigating the Ed-Tech Marketplace - SCover4
http://ew.edweek.org/nxtbooks/epe/ew_sr_03072018
http://ew.edweek.org/nxtbooks/epe/ew_02282018
http://ew.edweek.org/nxtbooks/epe/ew_02212018
http://ew.edweek.org/nxtbooks/epe/ew_02142018
http://ew.edweek.org/nxtbooks/epe/ew_02072018
http://ew.edweek.org/nxtbooks/epe/ew_01242018
http://ew.edweek.org/nxtbooks/epe/ew_01172018
http://ew.edweek.org/nxtbooks/epe/ew_01102018
http://ew.edweek.org/nxtbooks/epe/ew_12132017
http://ew.edweek.org/nxtbooks/epe/ew_11292017
http://ew.edweek.org/nxtbooks/epe/ew_11152017
http://ew.edweek.org/nxtbooks/epe/ew_11082017
http://ew.edweek.org/nxtbooks/epe/ew_11012017
http://ew.edweek.org/nxtbooks/epe/ew_10252017
http://ew.edweek.org/nxtbooks/epe/ew_10182017
http://ew.edweek.org/nxtbooks/epe/ew_10112017
http://ew.edweek.org/nxtbooks/epe/ew_10042017
http://ew.edweek.org/nxtbooks/epe/ew_09272017
http://ew.edweek.org/nxtbooks/epe/ew_09202017
http://ew.edweek.org/nxtbooks/epe/ew_09132017
http://ew.edweek.org/nxtbooks/epe/ew_09062017
http://ew.edweek.org/nxtbooks/epe/ew_08302017
http://ew.edweek.org/nxtbooks/epe/ew_08232017
http://ew.edweek.org/nxtbooks/epe/ew_07192017
http://ew.edweek.org/nxtbooks/epe/ew_06212017
http://ew.edweek.org/nxtbooks/epe/ew_06142017
http://ew.edweek.org/nxtbooks/epe/ew_06072017
http://ew.edweek.org/nxtbooks/epe/ew_05312017
http://ew.edweek.org/nxtbooks/epe/ew_05242017
http://ew.edweek.org/nxtbooks/epe/ew_05172017
http://ew.edweek.org/nxtbooks/epe/ew_05102017
http://ew.edweek.org/nxtbooks/epe/ew_04262017specialreport
http://ew.edweek.org/nxtbooks/epe/ew_04262017
http://ew.edweek.org/nxtbooks/epe/ew_04192017
http://ew.edweek.org/nxtbooks/epe/ew_04052017
http://ew.edweek.org/nxtbooks/epe/ew_03292017
http://ew.edweek.org/nxtbooks/epe/ew_03222017
http://ew.edweek.org/nxtbooks/epe/ew_03082017
http://ew.edweek.org/nxtbooks/epe/ew_03012017
http://ew.edweek.org/nxtbooks/epe/ew_02222017
http://ew.edweek.org/nxtbooks/epe/ew_02152017
http://ew.edweek.org/nxtbooks/epe/ew_02082017
http://ew.edweek.org/nxtbooks/epe/ew_01252017
http://ew.edweek.org/nxtbooks/epe/ew_01252017specialreport
http://ew.edweek.org/nxtbooks/epe/ew_01182017
http://ew.edweek.org/nxtbooks/epe/ew_01042017
http://ew.edweek.org/nxtbooks/epe/ew_12142016
http://ew.edweek.org/nxtbooks/epe/ew_12142016v2
http://ew.edweek.org/nxtbooks/epe/ew_11302016
http://ew.edweek.org/nxtbooks/epe/ew_11162016
http://ew.edweek.org/nxtbooks/epe/ew_11092016
http://ew.edweek.org/nxtbooks/epe/ew_11022016
http://ew.edweek.org/nxtbooks/epe/ew_10262016
http://ew.edweek.org/nxtbooks/epe/ew_10192016
http://ew.edweek.org/nxtbooks/epe/ew_10122016
http://ew.edweek.org/nxtbooks/epe/ew_10052016
http://ew.edweek.org/nxtbooks/epe/ew_09282016
http://ew.edweek.org/nxtbooks/epe/ew_09212016
http://ew.edweek.org/nxtbooks/epe/ew_09142016
http://ew.edweek.org/nxtbooks/epe/ew_09072016
http://ew.edweek.org/nxtbooks/epe/ew_08312016
http://ew.edweek.org/nxtbooks/epe/ew_08242016
http://ew.edweek.org/nxtbooks/epe/ew_08032016
http://ew.edweek.org/nxtbooks/epe/ew_08032016
http://ew.edweek.org/nxtbooks/epe/ew_07202016
http://ew.edweek.org/nxtbooks/epe/ew_01112017
http://ew.edweek.org/nxtbooks/epe/ew_06082016
http://ew.edweek.org/nxtbooks/epe/tc_06092016
http://ew.edweek.org/nxtbooks/epe/dc_06022016
http://ew.edweek.org/nxtbooks/epe/ew_06012016
http://ew.edweek.org/nxtbooks/epe/ew_05182016
http://ew.edweek.org/nxtbooks/epe/ew_05112016
http://ew.edweek.org/nxtbooks/epe/ew_sr_05112016
http://ew.edweek.org/nxtbooks/epe/ew_04272016
http://ew.edweek.org/nxtbooks/epe/ew_04202016
http://ew.edweek.org/nxtbooks/epe/ew_04132016
http://ew.edweek.org/nxtbooks/epe/ew_03302016
http://ew.edweek.org/nxtbooks/epe/ew_sr_03302016
http://ew.edweek.org/nxtbooks/epe/ew_03232016
http://ew.edweek.org/nxtbooks/epe/ew_03162016
http://ew.edweek.org/nxtbooks/epe/ew_03092016
http://ew.edweek.org/nxtbooks/epe/ew_02242016
http://ew.edweek.org/nxtbooks/epe/ew_sr_02242016
http://ew.edweek.org/nxtbooks/epe/ew_02172016
http://ew.edweek.org/nxtbooks/epe/ew_02102016
http://ew.edweek.org/nxtbooks/epe/ew_sr_01272016
http://ew.edweek.org/nxtbooks/epe/ew_01272016
http://ew.edweek.org/nxtbooks/epe/ew_01202016
http://ew.edweek.org/nxtbooks/epe/ew_sr_01132016
http://ew.edweek.org/nxtbooks/epe/ew_01132016
http://ew.edweek.org/nxtbooks/epe/qc_01072016
http://ew.edweek.org/nxtbooks/epe/ew_01062016
http://ew.edweek.org/nxtbooks/epe/ew_12092015
http://ew.edweek.org/nxtbooks/epe/ew_12022015
http://ew.edweek.org/nxtbooks/epe/ew_sr_11112015
http://ew.edweek.org/nxtbooks/epe/ew_11112015
http://ew.edweek.org/nxtbooks/epe/ew_11042015
http://ew.edweek.org/nxtbooks/epe/ew_10282015
http://ew.edweek.org/nxtbooks/epe/ew_10212015
http://ew.edweek.org/nxtbooks/epe/ew_sr_10212015
http://ew.edweek.org/nxtbooks/epe/ew_10142015
http://ew.edweek.org/nxtbooks/epe/ew_10072015
http://ew.edweek.org/nxtbooks/epe/ew_09302015
http://ew.edweek.org/nxtbooks/epe/ew_sr_09302015
http://ew.edweek.org/nxtbooks/epe/ew_09232015
http://ew.edweek.org/nxtbooks/epe/ew_09162015
http://ew.edweek.org/nxtbooks/epe/ew_09092015
http://ew.edweek.org/nxtbooks/epe/ew_08262015
http://ew.edweek.org/nxtbooks/epe/ew_08192015
http://ew.edweek.org/nxtbooks/epe/ew_08052015
http://ew.edweek.org/nxtbooks/epe/ew_07082015
http://ew.edweek.org/nxtbooks/epe/ew_06102015
http://ew.edweek.org/nxtbooks/epe/tc_06112015
http://ew.edweek.org/nxtbooks/epe/dc_06042015
http://ew.edweek.org/nxtbooks/epe/ew_06032015
http://ew.edweek.org/nxtbooks/epe/ew_05202015
http://ew.edweek.org/nxtbooks/epe/ew_sr_05132015
http://ew.edweek.org/nxtbooks/epe/ew_05132015
http://ew.edweek.org/nxtbooks/epe/ew_05062015
http://ew.edweek.org/nxtbooks/epe/ew_04222015
http://ew.edweek.org/nxtbooks/epe/ew_sr_04152015
http://ew.edweek.org/nxtbooks/epe/ew_04152015
http://ew.edweek.org/nxtbooks/epe/ew_04012015
http://ew.edweek.org/nxtbooks/epe/ew_03252015
http://ew.edweek.org/nxtbooks/epe/ew_sr_03182015
http://ew.edweek.org/nxtbooks/epe/ew_03182015
http://ew.edweek.org/nxtbooks/epe/ew_03042015
http://ew.edweek.org/nxtbooks/epe/ew_02252015
http://ew.edweek.org/nxtbooks/epe/ew_sr_02252015
http://ew.edweek.org/nxtbooks/epe/ew_sr_02182015
http://ew.edweek.org/nxtbooks/epe/ew_02182015
http://ew.edweek.org/nxtbooks/epe/ew_02042015
http://ew.edweek.org/nxtbooks/epe/ew_01282015
http://ew.edweek.org/nxtbooks/epe/ew_01212015
http://ew.edweek.org/nxtbooks/epe/ew_sr_01212015
http://ew.edweek.org/nxtbooks/epe/ew_01142015
http://ew.edweek.org/nxtbooks/epe/qc_01082015
http://ew.edweek.org/nxtbooks/epe/ew_01072015
http://ew.edweek.org/nxtbooks/epe/ew_12102014
http://ew.edweek.org/nxtbooks/epe/ew_12032014
http://ew.edweek.org/nxtbooks/epe/ew_11122014
http://ew.edweek.org/nxtbooks/epe/ew_sr_11122014
http://ew.edweek.org/nxtbooks/epe/ew_11052014
http://ew.edweek.org/nxtbooks/epe/ew_10292014
http://ew.edweek.org/nxtbooks/epe/ew_10222014
http://ew.edweek.org/nxtbooks/epe/ew_sr_10222014
http://ew.edweek.org/nxtbooks/epe/ew_10152014
http://ew.edweek.org/nxtbooks/epe/ew_10082014
http://ew.edweek.org/nxtbooks/epe/ew_sr_10012014
http://ew.edweek.org/nxtbooks/epe/ew_10012014
http://ew.edweek.org/nxtbooks/epe/ew_09242014
http://ew.edweek.org/nxtbooks/epe/ew_09172014
http://ew.edweek.org/nxtbooks/epe/ew_09102014
http://ew.edweek.org/nxtbooks/epe/ew_08272014
http://ew.edweek.org/nxtbooks/epe/ew_08202014
http://ew.edweek.org/nxtbooks/epe/ew_sr_08202014
http://ew.edweek.org/nxtbooks/epe/ew_08062014
http://ew.edweek.org/nxtbooks/epe/ew_07092014
http://ew.edweek.org/nxtbooks/epe/ew_06112014_v2
http://ew.edweek.org/nxtbooks/epe/ew_06112014
http://ew.edweek.org/nxtbooks/epe/dc_06052014
http://ew.edweek.org/nxtbooks/epe/ew_06042014
http://ew.edweek.org/nxtbooks/epe/ew_05212014
http://ew.edweek.org/nxtbooks/epe/ew_05142014
http://ew.edweek.org/nxtbooks/epe/ew_05072014
http://ew.edweek.org/nxtbooks/epe/ew_sr_04232014
http://ew.edweek.org/nxtbooks/epe/ew_04232014
http://ew.edweek.org/nxtbooks/epe/ew_04162014
http://ew.edweek.org/nxtbooks/epe/ew_04022014
http://ew.edweek.org/nxtbooks/epe/ew_03262014
http://ew.edweek.org/nxtbooks/epe/tc_20140313
http://ew.edweek.org/nxtbooks/epe/ew_03122014
http://ew.edweek.org/nxtbooks/epe/ew_sr_03052014
http://ew.edweek.org/nxtbooks/epe/ew_03052014
http://ew.edweek.org/nxtbooks/epe/ew_02262014
http://ew.edweek.org/nxtbooks/epe/ew_sr_02192014
http://ew.edweek.org/nxtbooks/epe/ew_02192014
http://ew.edweek.org/nxtbooks/epe/ew_01292014_v2
http://ew.edweek.org/nxtbooks/epe/ew_02052014
http://ew.edweek.org/nxtbooks/epe/ew_01292014
http://ew.edweek.org/nxtbooks/epe/ew_01222014
http://ew.edweek.org/nxtbooks/epe/ew_01152014
http://ew.edweek.org/nxtbooks/epe/qc_01092014
http://ew.edweek.org/nxtbooks/epe/ew_01082014
http://ew.edweek.org/nxtbooks/epe/ew_12112013
http://ew.edweek.org/nxtbooks/epe/ew_12042013
http://ew.edweek.org/nxtbooks/epe/ew_11132013
http://ew.edweek.org/nxtbooks/epe/ew_11062013
http://ew.edweek.org/nxtbooks/epe/ew_sr_10302013
http://ew.edweek.org/nxtbooks/epe/ew_10302013
http://ew.edweek.org/nxtbooks/epe/ew_10232013
http://ew.edweek.org/nxtbooks/epe/ew_10162013
http://ew.edweek.org/nxtbooks/epe/ew_10092013
http://ew.edweek.org/nxtbooks/epe/ew_sr_10022013
http://ew.edweek.org/nxtbooks/epe/ew_10022013
http://ew.edweek.org/nxtbooks/epe/ew_09252013
http://ew.edweek.org/nxtbooks/epe/ew_09182013
http://ew.edweek.org/nxtbooks/epe/ew_09112013
http://ew.edweek.org/nxtbooks/epe/ew_08282013
http://ew.edweek.org/nxtbooks/epe/ew_sr_08212013
http://ew.edweek.org/nxtbooks/epe/ew_08212013
http://ew.edweek.org/nxtbooks/epe/ew_08072013
http://ew.edweek.org/nxtbooks/epe/ew_07102013
http://ew.edweek.org/nxtbooks/epe/ew_06122013
http://ew.edweek.org/nxtbooks/epe/dc_06062013
http://ew.edweek.org/nxtbooks/epe/ew_06052013
http://ew.edweek.org/nxtbooks/epe/ew_sr_05222013
http://ew.edweek.org/nxtbooks/epe/ew_05222013
http://ew.edweek.org/nxtbooks/epe/ew_05152013
http://ew.edweek.org/nxtbooks/epe/ew_05082013
http://ew.edweek.org/nxtbooks/epe/ew_sr_04242013
http://ew.edweek.org/nxtbooks/epe/ew_04242013
http://ew.edweek.org/nxtbooks/epe/ew_04172013
http://ew.edweek.org/nxtbooks/epe/ew_04032013
http://ew.edweek.org/nxtbooks/epe/ew_03272013
http://ew.edweek.org/nxtbooks/epe/ew_03132013
http://ew.edweek.org/nxtbooks/epe/tc_20130314
http://ew.edweek.org/nxtbooks/epe/ew_03062013
http://ew.edweek.org/nxtbooks/epe/ew_02272013
http://ew.edweek.org/nxtbooks/epe/ew_sr_02202013
http://ew.edweek.org/nxtbooks/epe/ew_02202013
http://ew.edweek.org/nxtbooks/epe/ew_sr_02062013
http://ew.edweek.org/nxtbooks/epe/ew_02062013
http://ew.edweek.org/nxtbooks/epe/ew_01302013
http://ew.edweek.org/nxtbooks/epe/ew_01232013
http://ew.edweek.org/nxtbooks/epe/ew_01162013
http://ew.edweek.org/nxtbooks/epe/qc_01102013
http://ew.edweek.org/nxtbooks/epe/ew_01092013
http://ew.edweek.org/nxtbooks/epe/ew_12122012
http://ew.edweek.org/nxtbooks/epe/ew_12052012
http://ew.edweek.org/nxtbooks/epe/ew_sr_11142012
http://ew.edweek.org/nxtbooks/epe/ew_11142012
http://ew.edweek.org/nxtbooks/epe/ew_11072012
http://ew.edweek.org/nxtbooks/epe/ew_10312012
http://ew.edweek.org/nxtbooks/epe/ew_sr_10242012
http://ew.edweek.org/nxtbooks/epe/ew_10242012
http://ew.edweek.org/nxtbooks/epe/ew_10172012
http://ew.edweek.org/nxtbooks/epe/ew_10102012
http://ew.edweek.org/nxtbooks/epe/ew_10032012
http://ew.edweek.org/nxtbooks/epe/ew_09262012
http://ew.edweek.org/nxtbooks/epe/ew_09192012
http://ew.edweek.org/nxtbooks/epe/ew_09122012
http://ew.edweek.org/nxtbooks/epe/ew_08292012
http://ew.edweek.org/nxtbooks/epe/ew_sr_08222012
http://ew.edweek.org/nxtbooks/epe/ew_08222012
http://ew.edweek.org/nxtbooks/epe/ew_20120829
http://ew.edweek.org/nxtbooks/epe/ew_sr_08292012
http://ew.edweek.org/nxtbooks/epe/ew_20120822_v2
http://ew.edweek.org/nxtbooks/epe/ew_20120822
http://ew.edweek.org/nxtbooks/epe/ew_test
http://ew.edweek.org/nxtbooks/epe/diplomascount_2012issue34
https://www.nxtbookmedia.com