Ignite! Learning snags funding, shifts managers

Ignite! Learning Inc. secured $2.75 million from investors and plans a top management change.

Neil Bush, founder of the Austin company, will become a non-executive board member once the investment transaction is complete.

President and chief financial officer Ken Leonard will become the interim CEO and chairman. Senior sales executive Tom McDonald will be the executive vice president of sales and marketing.

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Ignite! Learning creates products to teach middle school curriculum in 250 districts. The company says the latest funding is a "pre-IPO, mezzanine style of investment" to reach sales and profit milestones.

"The company has grown from concept to commercial viability," Bush says.