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 Lightspan (LSPN) to acquire Edutest


   *  Amount:         $15.7 million


   *  Terms:            $13.5 million stock incentives/$2.2 million cash

   *  Premium:        n/a


   *  Industry:        Performance Software


   *  Scorecard:      C+


    SAN DIEGO, May 24--Lightspan , a provider of curriculum-based, educational software and Internet products and services for school and home, announced that it has entered into an agreement to acquire Edutest, a provider of Internet-based educational testing and assessment products. The acquisition is expected to add valuable products to Lightspan's line of Internet-based solutions for the K-12 market.

    Under the terms of the agreement, shareholders of Edutest will receive a combination of cash and shares of Lightspan with a value of up to $15.7 million. The aggregate value to be received by Edutest shareholders at closing will be approximately $2.2 million in cash and $9.0 million in stock, with a potential for up to an additional $4.5 in stock over the subsequent 18 months.