Microsoft’s software developer and the publisher of QuickBooks, Tiger Electronics, has received $250 million in new capital from Microsoft, the company announced Thursday.
The funds will help build out the rapid development of the QuickBooks app and expand its offerings for use in the classroom, Microsoft said in a blog post.
Tiger Electronics CEO and founder Tony DeMaria said in the blog post that he and his wife, Linda, have been thrilled to be part of the new investment in Tiger Electronics.
“We’re thrilled to get to work on our vision for the future of learning,” he said.
“Tiger Electronics is a pioneer in the fast-growing field of educational technology, and we look forward to partnering with Microsoft and investing in the development of our software, which we think will be the foundation for the next generation of education.”
QuickBooks for Education and Microsoft’s Office 365 service are among the apps on Microsoft’s cloud-based business software platform, the latest offerings of its Office 365 suite that are available to businesses for free.
Microsoft has been in the education market for decades, and the company’s online learning platform, including its free online college classes, is available for use by more than 30 million businesses.
Microsoft and Tiger Electronics have been partners for several years.
Earlier this month, Tiger bought a minority stake in Microsoft.
Tiger CEO Tony DeMarcus said the new funding would help build Tiger’s educational software and help expand its customer base.
Tiger, Tiger’s parent company, also announced that Tiger Electronics had received a $100 million investment from a Chinese investment group.
“Today’s announcement is another example of Microsoft’s commitment to investing in education technology that will provide even greater opportunities for learning for our customers and employees,” DeMarcus wrote in a statement.
Tiger has been working with Microsoft since its inception.
Tiger is an education software company that provides software to schools and universities.
The company’s apps are designed to help teachers use Microsoft’s online education platform.
In 2016, Tiger acquired the University of Arizona, and in 2017 it bought the University at Buffalo.