New Delhi: Edtech company LEAD on Friday announced it has entered into an agreement with leading learning company Pearson to acquire its local K-12 learning business in India for an undisclosed sum.
LEAD said it will expand its reach to over 9,000 schools and enhance its product portfolio to cater to more than 5 lakh private schools in India.
In its K-12 learning portfolio, Pearson India caters to private, English medium CBSE and ICSE schools, offering blended learning solutions (books+digital).
“School edtech is poised for sustained growth post-Covid and with the acquisition of the local K-12 learning business of Pearson India, we will be able to reach more schools and students in the service of our mission to provide excellent education to every child,” said Sumeet Mehta, Co-Founder and CEO, LEAD.
The acquisition of Pearson’s local K-12 learning business in the country is being funded through a combination of new fundraise and internal accruals, said the platform.
The acquisition is subject to customary closing conditions and is expected to be completed by Q1 CY 2023.
Founded in 2012 by Mehta and Smita Deorah, the platform’s integrated system is available to schools in more than 400 towns and cities, reaching 1.2 million+ students and empowering over 25,000 teachers.
Pearson is serving customers in nearly 200 countries with digital content, assessments, qualifications, and data.