K12 (company)
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| Publicly held | |
| Traded as | : LRN |
| Industry | Education |
| Founded | 2000 |
| Founder | Ronald J. Packard |
| Headquarters | Herndon, Virginia |
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Area served
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International |
| Products | education software, textbooks, workbooks |
| Revenue |
 $522.4 million (as of June 2011) |
| $24.2 million (as of June 2011) | |
| Total equity | $448.6 million (as of June 2011) |
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Number of employees
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2,500 (as of June 2011) |
| Website | K12 Inc. Home Page |
K12 Inc. is a for-profit education company that sells online schooling and curriculum to state and local governments. Its educational products and services are designed as alternatives to traditional "bricks and mortar" education for public school students from kindergarten to 12th grade. K12 is a publicly traded education management organization (EMO) that provides online education services to charter school students. It is paid for from taxes. K12 is the largest EMO in terms of enrollment.
The company was founded in 1999 by former banker Ronald J. Packard. Initial investors in the company included Michael R. Milken and Lowell Milken of education company Knowledge Universe, who along with the Milken Family Foundation, invested $10 million.Andrew Tisch of the Loews Corporation and Larry Ellison of Oracle Corporation also contributed venture capital.
William Bennett, Secretary of Education under Ronald Reagan was hired as the company's first chairman of the board, resigning in 2005 after some controversial comments on the radioshow "Morning in America" in which he said aborting black babies, although a "morally reprehensible" idea, would result in a lower crime rate. Lowell Milken served on the K12 board of directors until July 2007. Tisch currently serves as chairman of the board and Packard has served as CEO since the company's founding.
It became a publicly traded company on December 13, 2007.
In June 2014, Packard resigned from the board, while purchasing some of K12's assets in postsecondary education and other areas to launch a new business with Kamal Bahamdan's Safanad Limited, a New York- and Dubai-based investment firm. These purchases could contribute to an estimated $15 million to $20 million in revenues to K12 for fiscal 2014.
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