wordpress blog stats
Connect with us

Hi, what are you looking for?

Pearson Acquires 100% Stake In TutorVista; Appoints Srikanth B Iyer As CEO

Pearson, the media group behind The Financial Times and publishing house Penguin, has acquired the remaining 20% equity in TutorVista
, reports The Economic Times.

While the financial details of the acquisition were not disclosed, the report states that Pearson has appointed Srikanth B Iyer as the new CEO of TutorVista and founders Krishnan Ganesh and Meera Ganesh have exited the company. Srikanth B Iyer was previously the chief operating officer of Pearson Education Services.

Prior to this development, Pearson had invested around $139.5 million in Tutorvista. This includes a $127 million investment in January 2011, through which the company had secured a controlling stake of 76% and a $12.5 million investment in June 2009.  A Livemint reports suggests that the company had increased its stake in Tutorvista to 80% in 2011, although the details of this transaction was not disclosed.

Started in 2005, TutorVista provides online tutoring to students, using Voice-Over-Internet-Protocol and online whiteboards to connect instructors in India with school and college students, principally in North America.

The company had claimed to provide tutoring to around 10,000 students per month as of January 2011 and had claimed to have served over five million tutoring sessions to 100,000 students, with two thousand teachers. It also claims to have registered six million monthly visitors to its site as of January 2011.

Besides this, Tutorvista also runs Edurite (now Pearson Education Services) which the company had acquired in 2007, and provides technology-enabled education solutions and services for school businesses in India.

Advertisement. Scroll to continue reading.

Other developments in Education sector

Learnpedia, a Hyderabad based digital content startup, had secured an undisclosed sum of funding from Ixora Ventures and a consortium of angel investors. Learnpedia offers a range of study material for JEE (an entrance exam for admission in the Indian Institute of Technology, among others), known as JEE Studymate, in the form of DVDs, micro SD cards, for any android based tablets.

Bangalore-based code learning platform Codelearn had raised $150,000 funding from the French angel investment firm Kima Ventures. Kima Ventures took a minority stake in the company in return.

In January 2013, Authorgen, a subsidiary of Educomp Solutions Ltd, had raised Rs 22 crore from Private Equity firm Kaizen and Bertelsmann, a German media company. Authorgen operates WizIQ.com, a web based platform for education services providers that enables them to create virtual Classroom and Convert document to flash. In the same month, EduRaft Pvt Ltd, which runs Eduraft.com  raised $61,000 (Rs 33 lakh) in angel funding from an alumni group from IIM-Kozhikode and Anna University, Chennai.

Indiagames founder Vishal Gondal and Walt Disney India chief Ronnie Screwvala had invested an undisclosed amount in Catalog Educational Services Pvt Ltd. run MeraCareerGuide.com. Meracareerguide is an online career counselling platform for students. Students can seek counselling from industry experts and career counselors through the site.

Advertisement. Scroll to continue reading.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ