NEW YORK–(BUSINESS WIRE)–Advance
today announced the acquisition of Turnitin,
a leading provider of education technology for academic integrity and
writing solutions, from an investment entity affiliated with Insight
Venture Partners, GIC and their co-investors.

Turnitin’s proprietary software promotes student authenticity,
instructor effectiveness, and better educational outcomes. Through
machine learning, computer vision, and advanced artificial intelligence,
Turnitin’s products check for plagiarism in writing and code
assignments, provide real-time feedback for students, and automate
grading for teachers across multiple disciplines. Turnitin’s products
are used by over 34 million students in over 15,000 K-12 and higher
education institutions in 153 countries. Its global reach and network of
clients, including educational and research institutions, corporations
and governments, have enabled Turnitin to build an unparalleled database
of content used to check for text similarity and verify authorship.

“We admire Chris Caren and his team, and Turnitin’s outstanding track
record of enhancing integrity in written work at schools, universities,
and publishers worldwide through cutting-edge technology,” said Steve
Newhouse, Co-President of Advance. “Advance is committed to investing in
innovative technologies and we are thrilled to add Turnitin to our
portfolio. We look forward to working with Chris to further enhance the
company’s core products, invest in emerging technologies, and explore
new opportunities.”

“Today marks an exciting chapter in Turnitin’s development, and we are
excited to be joining the Advance family of companies,” said Chris
Caren, CEO of Oakland, California based Turnitin. “Advance’s long-term
perspective and commitment to education make them the perfect partner to
help Turnitin advance our mission of engaging students and teachers
worldwide. We would like to thank Insight and GIC for their support over
the past few years which enabled us to scale the platform and we look
forward to taking the company to the next level with Advance.”

“We are pleased to have supported Turnitin’s growth the past five
years,” said Deven Parekh, Managing Director at Insight. “It has been a
pleasure to work with Chris and the management team and we are confident
Advance will be a great steward going forward. We wish them all success
for the future.”

Advance is a family-owned company that operates and invests in a broad
range of technology, media and communications businesses globally. The
acquisition of Turnitin marks the second significant acquisition under
its multi-billion dollar capital deployment initiative, following the
purchase of Stage Entertainment in late 2018.

The transaction has no financing condition and is subject to customary
regulatory approvals, with closing anticipated in the second quarter of
2019. The financial terms of the transaction have not been disclosed.

Advance was advised by Evercore and Paul, Weiss, Rifkind, Wharton &
Garrison LLP. Turnitin, Insight and GIC were advised by UBS and Goodwin
Procter LLP.

About Turnitin

Turnitin is your partner in fostering original thinking and supporting
authentic learning. Turnitin solutions promote academic integrity,
streamline grading and feedback, and improve outcomes across educational
levels and content areas. Turnitin leverages cutting-edge technology to
provide tools that prevent plagiarism, deliver formative and summative
feedback, surface actionable reporting, and investigate academic
misconduct. Growing from one million student paper submissions in 2002
to one billion in 2018, Turnitin serves over 15,000 institutions
globally and is headquartered in Oakland, Calif., with international
offices in the U.K., Netherlands, Australia, Korea, India, and
throughout Latin America. @Turnitin

About Advance

Advance is a private, family-owned and operated business. Our mission is
to build the value of the company over the long-term by fostering growth
and innovation of a diversified portfolio spanning media,
communications, technology, and other promising growth areas. Advance’s
portfolio of exceptional companies includes Condé Nast, Advance Local,
American City Business Journals, Sports Business Group, 1010data, and
Stage Entertainment. Advance is also among the largest shareholders in
Discovery, Charter Communications and reddit. For further information,
please visit www.advance.com.

About Insight Venture Partners

Insight Venture Partners is a leading global venture capital and private
equity firm investing in high-growth technology and software companies
that are driving transformative change in their industries. Founded in
1995, Insight currently has over $20 billion of assets under management
and has cumulatively invested in more than 300 companies worldwide. Our
mission is to find, fund, and work successfully with visionary
executives, providing them with practical, hands-on growth expertise to
foster long-term success. Across our people and our portfolio, we
encourage a culture around a core belief: growth equals opportunity. For
more information on Insight and all its investments, visit www.insightpartners.com
or follow us on Twitter @insightpartners.

About GIC

GIC is a leading global investment firm established in 1981 to manage
Singapore’s foreign reserves. As a long-term value investor, GIC is
uniquely positioned for investments across a wide range of asset
classes, including equities, fixed income, private equity, real estate
and infrastructure. In private equity, GIC invests through funds as well
as directly in companies, partnering with its fund managers and
management teams to help world class businesses achieve their
objectives. GIC has investments in over 40 countries and has been
investing in emerging markets for more than two decades. Headquartered
in Singapore, GIC employs over 1,500 people across 10 offices in key
financial cities worldwide. For more information about GIC, please visit www.gic.com.sg.

Contacts

Turnitin, Amanda Zeligs Hand
510-764-7600 *1018
[email protected]

Advance, Janine Shelffo
212-286-4900| [email protected]

Jennifer Harrison for Turnitin
916-716-0636
[email protected]