Edtech firm LEAD on Friday said it will acquire Pearson’s K-12 learning business in India. However, the financial details of the deal were not disclosed.
This acquisition will increase LEAD’s reach to over 9,000 schools and further enhance its product portfolio to cater to the entire spectrum of over 5 lakh private schools in India.
“School EdTech is poised for continued growth post-COVID and with Pearson India’s acquisition of local K-12 learning business, we will be able to reach more schools and students in service of our mission to provide great education to every child . ,” Sumeet Mehta, co-founder and CEO of LEAD, said in the statement.
In its K-12 Learning portfolio, pearson India caters to the needs of private, English medium CBSE and ICSE schools, providing blended learning solutions – a mix of both books and digital.
“The acquisition of Pearson’s local K-12 learning business in India by LEAD is being conducted through a combination of new fundraising and internal accruals. The acquisition, which has been approved by the boards of directors of both companies, is subject to customary closing conditions.” and is expected to be completed by the first quarter of 2023,” the statement said.
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