EdTech unicorn LEAD has announced that it has entered into an agreement with Pearson to acquire the latter’s K-12 learning business in India.
While LEAD did not disclose the deal value, the company said the acquisition would expand its reach to over 9,000 schools and further enhance its product portfolio to cater to the whole spectrum of over 5 lakh private schools in India.
According to the company, the acquisition of Pearson’s India K-12 learning business is funded through a combination of new fundraising and internal accruals.
Pearson India’s K-12 learning portfolio includes private, English medium CBSE and ICSE schools, blended learning solutions, and teacher resources.
Sumeet Mehta, Co-founder & CEO of LEAD, said,
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. This acquisition will unlock synergies and build on our combined knowledge, experience and technology strengths to bring 21st century School EdTech innovation to India’s schools.
The acquisition, which has been approved by the board of directors of both companies, is expected to be completed by the first quarter of the fiscal year 2023, subject to customary closing conditions, LEAD said.
The acquisition comes almost a year after the Mumbai-based EdTech giant catapulted to the coveted unicorn club following a $100 million Series E funding at a valuation of $1.1 billion.
LEAD was founded in 2012 by Sumeet Mehta and Smita Deorah, with the mission to transform school education in India. It combines deeply researched curriculum and pedagogy with cutting-edge technology to provide a seamless system of teaching and learning. LEAD’s integrated system is available in over 400 towns and cities across India, reaching over 1.2 million students and empowering over 25,000 teachers.