Pearson acquires stakes in e-portals EduComp, TutorVista
24 Jun 2009
British publishing group Pearson has invested $30 million in two education portals in India - Educomp Solutions and TutorVista - to build its position in the country.
Pearson will set up a joint venture with diversified education solutions provider and the country's largest education portal, Educomp Solutions Limited.
The joint venture will offer vocational and skills training in India - both online and through Educomp's network of centres, using Pearson's educational content, technology and related services, reports said.
Pearson will acquire 50 per cent ownership in Educomp's existing vocational training business as part of the agreement, a release issued by the company said.
Pearson has also invested around $30 million to acquire a 17.2 per cent stake in Bangalore-based e-learning firm TutorVista.
TutorVista, promoted by serial entrepreneur K Ganesh, has Sequoia Capital, Lightspeed Ventures, Silicon Valley Bank and Manipal Education also as investors.
Pearson said it planned to add TutorVista's online tutoring to its student services in North America, the UK and other parts of the world. It would also work on developing new businesses for the Indian schools market.
Educomp Solutions Limited, founded in 1994, is a globally diversified education solutions provider and the largest education company in India.
With 27 offices worldwide, including an office in Canada, 20 in India, two in Singapore, one in Sri Lanka, and three in the United States, Educomp Group reaches out to over 23,000 schools and 12 million learners and educators across the world.
The firm has targeted to reach out to 15 million learners across its products, services and solutions by 2010 and hopes to be amongst the top 5 education companies worldwide by the year 2012.
