updated: 2/29/2012 12:34:14 PM
Indiana University President Michael McRobbie believes deals like the 2009 sale of ANGEL Learning are great examples of the importance of commercializing university-developed innovations. IU is using some of the money from that transaction to build the first non-medical science building on its Indianapolis campus in more than two decades. McRobbie says the ability to construct new facilities and a strong commercialization record for innovative technologies help give a university an edge in the ever-increasing competition to attract top faculty.
ANGEL Learning was acquired in 2009 by educational software provider Blackboard Inc. (Nasdaq: BBB) for $100 million. The company was launched in 2000 by IU faculty members. The university, along with its Research and Technology Corp., realized approximately $23 million in proceeds from the sale.
At the time, McRobbie described the deal as "our greatest success to date in terms of a university start-up company."
The groundbreaking for a Science and Engineering Laboratory building at IUPUI was set for this week.
Source: Inside INdiana Business