WISCONSIN RAPIDS, WI (WTAQ) - A Wisconsin Rapids company that makes educational computer software is being sold to a private equity firm from England.

The board of Renaissance Learning has agreed to sell the company to the Permira Funds of London for $440-million.

Renaissance CEO Terrance Paul says the deal will allow his company to expand its impact on education in both the U-S and overseas. He calls it quote, “a very positive outcome from our employees, shareholders, and the schools we serve.”

The Permira Funds will acquire all outstanding stock for 14-dollars-and-85-cents a share, which is 26-percent higher than Monday’s closing price.

Tuesday morning on Wall Street, shares of Renaissance Learning jumped by 24-percent in response to the news.

The sale is expected to close this fall, pending approval by Renaissance stockholders.

Permira has a US office in Menlo Park Illinois.