K5 learning, a nonprofit educational technology company that uses digital learning technology to help parents teach their kids, announced Tuesday that it has closed its doors.
“It’s sad to say that we’ve been unable to continue as we have in the past, but that’s just the nature of the business,” said Tim O’Keefe, CEO of K5, which was founded in 2016 and is based in San Francisco.
O’Reilly Education Inc., a parent company of K9, is in talks to acquire K5 for about $600 million.
K5 and O’Neill have a long-standing partnership, but O’Keeffe said the two companies have a lot of different things going on, including a larger focus on teaching online, and there was a lot more going on than just a company that was looking to grow its online presence.
The two companies merged in 2019.
“We really want to see the company grow to the next level,” he said.
The company said it had 2.5 million students enrolled in K5’s online learning programs.
“Our students are learning in an environment where they can engage in their creativity and get inspired to build a future for themselves,” O’Keefe said in a statement.
Oster, the founder of K8, which had been a partner with K5 since 2015, said in an email that he was saddened to see K5 shut down.
“I was honored to serve as K5 founder, mentor and trusted advisor and am saddened to hear that K5 is shutting down,” Oster wrote.
OSEAN, a software developer and leader of a group called the “Next Generation Technology Leaders” said the company was a good fit for K5 because it had access to OSEANS technologies, including its open-source Java platform.
Oseans software was used in schools around the world, OSEANA said.
“With K5 now gone, the future of KSEAN lies in OSEANN,” Oseana wrote.