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GIC, Insight buy US software firm, Warburg Pincus exits

  • Andrew Woodman
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Singapore sovereign wealth fund GIC Private has joined Insight Venture Partners in its $752 million purchase of iParadigms, a US maker of anti-plagiarism software, from Warburg Pincus.

According to The Wall Street Journal, the deal will generate a 6x money multiple for Warburg, which bought a controlling stake in the company in 2008. The transaction price is said to include debt.

Based in California, iParadigms makes cloud-based software that, among other things, allows educators to review papers for plagiarism and correct citations. The company claims that its flagship product, Turnitin, is used by over 24 million students and 1.6 million educators at 10,000 institutions worldwide.

The firm also provides iThenticate, a content verification service for research, corporate and government markets.

"iParadigms operates an incredible business that solves some of the most persistent and universal challenges in education," said Deven Parekh, managing director at Insight, in a statement. "We look forward to working with the team to serve its very loyal customer base and to invest in product innovation that will continue the company's amazing track record of high growth."

Credit Suisse acted as financial advisor to Insight and GIC.

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