Publishing group Pearson, UK, has announced investments totalling $30 million in two Indian education companies - Educomp Solutions and TutorVista. The move is seen to build Pearson's position in one of the world's largest and fastest-growing education markets.
Educomp, a listed education company, serves more than 12 million students across India, North America and Singapore. Pearson and Educomp have established a 50:50 joint venture to offer vocational and skills training in India. As part of the agreement, Pearson will acquire a 50 percent ownership stake in Educomp's existing vocational training business.
The joint venture will provide vocational training to students and professionals across a range of industries. It will have a focus on English language training, which is often seen as critical to an individual's employment prospects. Training will be delivered both online and through Educomp's network of centres, using Pearson's educational content, technology and related services.
Pearson has also acquired a 17.2 percent stake in TutorVista, making it the company's largest shareholder. Pearson intends to add TutorVista's online tutoring to its range of services for students in North America, the UK and other parts of the world.
TutorVista provides online tutoring services for K-12 and college students. It connects experienced tutors with more than 20,000 registered students using Voice-Over-Internet-Protocol and online whiteboards to work through problems, demonstrate solutions and conduct assessments in subjects including math, English, biology, chemistry and physics. TutorVista also runs English language coaching and test preparation for SAT, ACT, AP and other exams.
Existing investors in TutorVista include Manipal Education and Medical Group, Sequoia Capital and Lightspeed Venture Partners. Pearson will work with both TutorVista and Manipal to develop new businesses for the schools market in India.
Discuss this NEWS
