The Bookseller - 18.01.11 - Graeme Neill
Pearson has paid $127m for a controlling stake in educational technology company TutorVista.
The Bangalore-based company supplies digital content to around 3,300 classrooms across India and provides online tutoring to approximately 10,000 students per month. It also operates a network of 60 centres across southern India that deliver English language coaching courses for university entrance exams as well as services to primary and secondary schools.
Pearson said the acquisition supports its goals of building companies in fast-growing markets. It said: "TutorVista will be integrated into our education business in India and will enhance our presence in the school market in India and in tutoring across the globe in schools and higher education."
The publisher said it expects a return on investment in 2012, its first full year since acquisition.
Pearson c.e.o. Marjorie Scardino said: "TutorVista is an innovative and effective education company that we have worked with and respected for several years. This acquisition - which we believe is the largest transaction in education in India by any company - signals our excitement about the vitality of India's education sector."
TutorVista was founded in 2005 by Krishnan Ganesh. Pearson acquired a minority stake in the business in June 2009 and this transaction brings its equity investment in the company up to approximately $139m.
No comments:
Post a Comment