Latest Edurite News
Jul 13, 2017
Click to print (Opens in new window) In the most recent round of dealmaking, NetDragon acquired JumpStart, a provider of K-12 educational products. In addition, India-based online test prep company BYJU’s acquired TutorVista and Edurite from Pearson. NetDragon Acquires JumpStart: NetDragon Websoft Holdings Limited , developer of internet communities with headquarters in China, Hong Kong and the U.S., is pleased to announce that it successfully acquired JumpStart , a Los Angeles-based provider of educational products which specialize in creative and educational games for K-12 children, according to a press statement . Financial terms of the deal were not disclosed. The acquisition will enable NetDragon to tap into JumpStart’s relationship with DreamWorks and utilize their IPs to enhance NetDragon’s existing products, said Dr. Simon Leung, vice chairman and executive director of NetDragon, in the statement. “We believe this strategic acquisition will open up tremendous opportunities for both NetDragon and JumpStart to offer innovative and world-class learning products to our users,” Leung added. Join the Conversation Visit Education Week’s K-12 Technology Leaders Group on LinkedIn and share your thoughts about the most pressing ed-tech issues facing school districts. And check out EdWeek Market Brief , a service that provides companies doing business with schools with news, analysis, and original data on the needs and priorities of K-12 systems. JumpStart CEO David Lord called the acquisition “a tremendous opportunity for JumpStart to drive growth in new markets–particularly in Asia–and to enhance as well as expand our educational offerings to schools and consumers in the U.S. and across the globe.” BYJU’s Acquires TutorVista: Ed-tech startup BYJU’s has acquired online tutoring brands TutorVista and Edurite from UK-based Pearson for an undisclosed amount, according to press reports . BYJU’s is headquartered in Bengalaru, India. It provides test-preparation tools as well as video classes for school kids, and is backed by the Chan Zuckerberg Initiative; last year, the company raised $50 million in a round co-led by the Chan Zuckerberg Initiative and Sequoia Capital. Byju Raveendran, the CEO of Byju’s, told The Economic Times that the “partnership will enhance our product offerings and give us access in some of the new markets when we launch our international products.” He added that, “With a wider bandwidth, we have started creating similar products for the international markets that further boost our reach as well as product portfolio.” Pearson initially acquired a minority stake in TutorVista in June 2009, then increased its ownership to a controlling 76 percent stake for $127 million in 2011, according to Pearson’s website. VidCode Raises $1.5 Million: New York-based VidCode , a provider of coding curriculum for kids, has raised $1.5 million in seed funding from investors including ZhenFund, Rethink Education, NYU Ventures, CoVenture, Evan Korth Syndicate, Stephano Kim, and Cherry Ventures and BrainPOP, according to TechCrunch . The startup participated in Y Combinator last summer. The company partners with New York City schools, Facebook VR Education and Snapchat to reach teens all over the world, according to its website. Be sure to check back on Marketplace K-12 for updates on mergers, acquisitions, fundraising, and other dealmaking.