This comes just weeks after Google Capital, the search giant's investment fund, invested $40 million in the education analysis company. It was characterized as Google's first venture into education.
WAOW-TV reports private equity firm Permira is selling to Hellman & Friedman, a private equity investment firm with offices in San Francisco, New York and London.
According to a statement released by the companies, the sale is expected to be finalized within three months.
Renaissance Learning will remain headquartered in Wisconsin Rapids.
The company says Renaissance Learning is in more than one-third of U.S. schools and 60 countries. According to its website, it keeps data for 38,000 schools and maintains reading records for 10.7 million students.