Top Hat buys textbook publisher Fountainhead Press


Instructors use the Toronto-based firm’s software platform to deliver lectures, tests and readings to students. Southlake, Texas-based Fountainhead issues titles in subjects including English, math and science, psychology and Spanish. TopHat did not disclose the acquisition price. (BetaKit)

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Talking point: Top Hat plans to partner and acquire with other textbook publishers, funded in part by a US$55-million Series D round raised in February 2020; it bought Nelson Education’s post-secondary business for reportedly less than US$30 million last May. Ratings agency Moody’s downgraded course-material publishers’ debt in August after universities and colleges went remote amid the pandemic. Paper-pushing textbook publishers were already losing business to the secondhand market and digital challengers like Top Hat.