Sunday, January 23, 2011

Pearson Acquired TutorVista

TutorVista.com last Tuesday announced that Pearson, the world’s leading education company, is acquiring a majority stake in the company at an equity valuation of $213 MM (about Rs.960 crores). TutorVista.com is a global education services company that is the largest online tutoring company in the world and through Edurite, its Indian subsidiary, a leader in ICT, tutorials and schools business in India.

Started five years ago to create a global education company that makes education accessible and affordable, TutorVista and Edurite are recognized as leading education companies in US and India. TutorVista.com has grown at a rapid pace with six million visitors per month visiting its site. TutorVista has served over five million tutoring sessions till date to students worldwide. The company has two thousand teachers and has helped more than 100,000 students achieve their education goals. Since its inception in 2000, Edurite has emerged as the brand of choice for students/parents, teachers, schools and colleges due to its range of innovative, technology-enabled solutions and services. Edurite supplies content and ICT solutions to thousands of schools across India, owns and manages nineteen schools and runs sixty tutorial centers across Karnataka and Kerala.

Pearson will gain a strong foothold in the online education space and in the large Indian education market with this acquisition. Pearson is already an investor in TutorVista for the last two years and was very impressed with the management team, its vision and passion and the rapid growth of both TutorVista and Edurite. Jointly, Pearson and TutorVista, plan to grow the online education business rapidly by integrating online tutoring into all of Pearson’s digital products, selling it to schools and higher education institutions and by offering further educational services globally. With Pearson’s global reach in more than 60 countries, TutorVista will launch online tutoring and language coaching services across the globe. In India, both companies will work on providing world-class educational content to students, open more schools and grow the tutorial business significantly.

Pearson has experience of education and publishing for over two centuries with world famous brands like Longman, Penguin and Prentice Hall. More than half the schools in US use Pearson products. In the UK, 10,000 of the 20,000 primary schools are Pearson customers. In US colleges, no student can graduate without being a Pearson customer. Now, Edurite can bring to Indian schools and Indian students the same high quality resources.

TutorVista has raised over $33 MM in funding from leading venture capital firms, Sequoia Capital and Lightspeed Ventures, and from strategic investors - Manipal Education and Medical Group and Pearson. With this acquisition, TutorVista has created a successful exit and monetization for venture and strategic investors.

2 comments:

  1. That's a good news and Tutorvista deserves this. There are other tutoring sites like tutorteddy.com that also deserve such opportunity.

    ReplyDelete
  2. Do try also http://www.meshanitutor.com

    ReplyDelete

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