Edtech unicorn LEAD on Friday announced it has entered into an agreement with Pearson, a leading learning company, to acquire its local K-12 learning business in India. The financials, however, are undisclosed.
Further, LEAD added that it will expand its reach to over 9,000 schools and enhance its product portfolio to provide its services to more than 5 lakh private schools in India.
The K-12 learning portfolio of Pearson India caters to private, English medium CBSE and ICSE schools and also offers blended learning solutions (books+digital).
The acquisition is being funded through a combination of new fundraise and internal accruals. It is subject to customary closing conditions and is expected to be completed by the first quarter of CY 2023.
Founded in 2012 by Sumeet Mehta and Smita Deorah, LEAD’s integrated system is available to schools in more than 400 towns and cities across the country. It reaches more than 1.2 million students and empowers over 25,000 teachers.
Pearson, on the other hand, is serving customers in nearly 200 countries with its digital content, assessments, qualifications and data.
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