SpellRead bought out by U.S. company
P.E.I.-based teaching company SpellRead has been sold to Kaplan, an American education company.
Founded in 1994 by Island educator Kay MacPhee, SpellRead provides a program she developed for teaching children and adults who struggle with learning to read.
In the past decade, the company has made significant inroads into the American market, offering services in Florida, Maryland, Virginia and Pennsylvania.
The acquisition by Kaplan significantly expands the reach of the SpellRead program into the American market.
"Now, instead of being a small percentage of a small regional market here and there in North America, we're gaining access to major education populations across the U.S.," said SpellRead CEO Colin Deacon.
Deacon said three marketing employees have been let go in Charlottetown, but that the company's headquarters will remain in the city. Kaplan will now do SpellRead's marketing.
Terms of the sale have not been disclosed.
New York-based Kaplan, a wholly owned subsidiary of the Washington Post Company, had sales of $1.4 billion US in 2005.