Education technology company PowerSchool Holdings said on Friday it would be acquired by Bain Capital in a deal valuing the firm at $5.6 billion.

Under the terms, PowerSchool stockholders will receive $22.80 per share in cash and existing shareholders — Vista Equity Partners and Onex Partners — will continue to have minority investments in the company after the deal closes.

Reuters had reported deal talks between Bain and PowerSchool on May 8.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Shilpi Majumdar)