Edtech unicorn LEAD has entered into an agreement with Pearson to acquire its local K-12 learning business in India. While the company did not disclose the deal value, the acquisition is expected to expand LEAD’s reach to over 9,000 schools.
Sumeet Mehta, Co-Founder and CEO, LEAD, said, “Our mission is to bring excellent education to every child. 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.”
Target audience
In its K-12 learning portfolio, Pearson India caters to private, English medium CBSE and ICSE schools offering blended learning solutions (books + digital) ensuring learning continuity at home and teacher resources. LEAD’s acquisition of Pearson’s local K-12 learning business in India is being funded through a combination of new fundraising and internal accruals. The acquisition, which has been approved by the Board of Directors of both companies, is subject to customary closing conditions and is expected to be completed by Q1 CY 2023. EY was the exclusive financial advisor to LEAD on the transaction.
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 technology to deliver an integrated system of teaching and learning. LEAD’s integrated system is available to schools in over 400 towns and cities across India, reaching over 1.2 million students and empowering over 25,000 teachers.