ARLINGTON, Va. (AP) — Foreign language education company Rosetta Stone is buying language-learning software company Tell Me More SA for 20.75 million euros ($28 million) including assumed debt.
"This acquisition will immediately strengthen our growing Enterprise & Education business with a complementary suite of products and services that enhances our offering around the world," Rosetta Stone President and CEO Steve Swad said Wednesday in a statement.
Swad said the transaction will also give it a presence in China and bolster its European operations. In addition, the company plans to put Tell More More's products in some of its consumer markets.
Tell More More currently serves more than 3,000 customers globally.
Rosetta Stone Inc. expects the acquisition to contribute bookings of $25 million to $27 million in 2014.
The deal is targeted to close in January.
Shares of Rosetta Stone rose 10 cents to $12.06 in morning trading. Its shares have fallen about 3 percent so far this year.