Software company Blackboard, a staple of high school and college classrooms, is exploring a sale, hoping for a valuation of up to $3.4 billion, Reuters reports. According to “people familiar with the matter” Blackboard’s majority owner Providence Equity Partners has hired Deutsche Bank and Bank of America to run an auction and two anonymous people suggest the target would be “a valuation between 14 times to 17 times EBITDA,” currently at around $200 million annually. Providence took Blackboard private in 2011 for $1.64 billion (and took on $130 million in net debt.)