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

Under the terms, PowerSchool ( PWSC ) 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 ( PWSC ) on May 8.