Edtech company LEAD has entered into an agreement with Pearson, a learning company, to acquire its K-12 learning business in India for an undisclosed sum.
The edtech will expand its reach to over 9000 schools and will further enhance its product portfolio to cater to the entire spectrum of more than 5 lakh schools in India, the company stated.
The acquisition of Pearson’s K-12 learning business in India will be funded through a combination of new fundraising and internal accruals, LEAD added.
“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 chief executive officer (CEO), LEAD in a media statement.
The acquisition, which is subjected to customary closing conditions, is expected to be completed by Quarter 1 (Q1) Calendar Year (CY) 2023 with Ernst and Young (EY) being the exclusive financial advisor.
The K-12 learning portfolio of Pearson India caters to private, English medium CBSE and ICSE schools, offering blended learning solutions via books and digital modes to ensure learning continuity at home with teaching resources.
The acquisition comes after the company raised Rs 35 crore from venture debt firm Alteria Capital in December 2022.
Founded in 2012 by Sumeet Mehta and Smita Deorah, LEAD aims to combine technology, curriculum, and pedagogy in an integrated teaching and learning system for schools. Its integrated system is reportedly available to schools in over 400 towns and cities across India, reaching more than 1.2 million students and over 25,000 teachers.