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On July 1, 2011, Washington, D.C.-based Blackboard Inc. (NASDAQ: BBBB), publicized a definitive merger agreement with Providence Equity Partners to be acquired by the investment firm in an all-cash transaction sometime in the second half of 2011.

While Blackboard shareholders must still agree to the terms of the buyout, Blackboard continued to post growth in revenue in its second quarter financial results. The educational technology firm reported $124.16 Million in revenue for the quarter, a 15% increase compared to $107.7 Million in 2010.

Language-learning software maker expects a steep decline in U.S. sales for the third quarter 2011.