Houlihan Lokey Advises Barnes & Noble Education, Inc.

Houlihan Lokey is pleased to announce that Barnes & Noble Education, Inc. (BNED), has sold Bartleby and Student Brands, together Digital Student Solutions (DSS), a leading provider of technology-driven education solutions for students (higher education and K–12) and educational institutions, to Learneo Inc. The transaction closed on May 31, 2023.

Founded in 2019, DSS provides a comprehensive suite of direct-to-consumer learning solutions through its high-value offerings, enabling exceptional learning outcomes for students everywhere at any time.

The sale of DSS enables BNED to deepen its focus and capital allocation on accelerating its transition to its First Day® Complete equitable access model and growing the existing general merchandise business.

DSS will join Learneo’s platform of seven businesses, six of which were acquired over the past two years.

Learneo is a pioneering platform of productivity and learning businesses advancing in a wide range of applications for emergent technologies, including the use of AI to improve people's writing, reading, and math skills in school and professional and daily life.

Houlihan Lokey served as the exclusive financial advisor to BNED. This builds upon Houlihan Lokey’s market-leading position in the education technology sector and highlights the firm's expertise with carve-out transactions.