Wall Street Journal
is reporting that Apple will take a US$10 million charge for the purchase of PowerSchool. According to the company’s SEC filing the charge will be in the third quarter for in-process research and development costs.
announced the $62 million purchase
— in Apple stock — of PowerSchool on March 14.
“Apple has a legacy of helping teachers teach and students learn. We are now expanding that mission to include helping schools run more effectively,” said Apple CEO Steve Jobs at the time of the purchase. “By acquiring PowerSchool and welcoming its talented employees to Apple, we instantly become the leading provider of web-based student information systems nationwide.”
PowerSchool is a completely Web-based student information system that enables districts and schools to record, access, report and manage their student data and performance records in real-time. Parents, students, teachers and administrators use the system to share information about grades, attendance records, and homework assignments.