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Private equity firms Leonard Green & Partners and TPG Capital have agreed to buy higher education software provider Ellucian. Terms of the acquisition were not disclosed, but a Reuters report pegged the deal at $3.5 billion, including debt. The firms acquired the majority stake from Hellman & Friedman and JMI Equity. The acquisition is the latest move in a suddenly red-hot educational-technology market, and follows rumors that learning management system providers Blackboard and Instructure are exploring a sale and filing for an initial public offering, respectively.