Indianapolis education software firm ANGEL Learning is being acquired by publicly held rival Blackboard Inc. for about $95 million in cash and stock, the companies said today.

Both companies’ boards of directors as well as ANGEL Learning’s shareholders have approved the deal. It is expected to close in May 2009.

ANGEL Learning develops and sells enterprise e-learning software to more than 400 clients. Its product portfolio includes the ANGEL Learning Management System, ANGEL ePortfolio as well as ANGEL Managed Hosting. Additionally, ANGEL also provides consulting and training services.With Blackboard, the combined company will serve more than 5,800 K-12 schools, colleges and universities, government organizations and corporations.“Now as part of Blackboard, we’re confident that we can together help the combined client community advance e-learning and student achievement,” Christopher Clapp, ANGEL Learning’s president and CEO, said in a statement. “Together we can leverage our respective strengths to improve teaching and learning worldwide.”Blackboard expects the deal to increase revenue, profitability and cash flow.The purchase price of $95 million will include about $80 million in cash and $15 million in stock, excluding transaction costs.