May 7, 2009 (FinancialWire) — Blackboard Inc. (NASDAQ: BBBB) has signed a definitive agreement to acquire privately-held Angel Learning, Inc., a developer of e-learning software to the U.S. education industry, for around $95 million.

That total is net of cash acquired, and excludes transaction costs. Both companies’ boards as well as Angel’s shareholders have approved the transaction, according to Blackboard. The closing is scheduled to occur in May.

Indianapolis, Indiana-based Angel Learning provides enterprise e-learning software, as well as consulting and training services.

Washington, D.C.-based Blackboard offers enterprise technology and solutions to higher education, K through 12, professional, corporate, and government organizations. The company has offices in North America, Europe, Asia and Australia.

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