TutorVista Global Pvt Ltd, an online tutoring and test preparation provider, has raised strategic funding from UK-based publishing major Pearson. Though reports suggest that Pearson is investing around $15 million, VCCircle has learned that the firm is investing $12.5 million.MAPE Advisory Group was the advisor to TutorVista on the deal.
TutorVista has raised venture capital funding from Sequoia Capital, Lightspeed Venture Partners and Silicon Valley Bank. It also raised $2.5 million funding from Manipal Education and Medical Group (MEMG) in 2007. Bangalore-based TutorVista, which was started in 2005, has made its services available in the United States and United Kingdom for K-12, college and graduate level.
The company has also started its operations in India after the acquisition of Edurite Technologies, a player in the domestic education segment and developer of education course materials, in 2007. TutorVista, through Edurite, has formed a joint venture with Manipal which will set up greenfield schools or seek management takeover of existing schools.
Pearson, an international media firm, has presence in publishing of education, business information, and consumer publishing. The firm has 34,000 employees based in more than 60 countries. Pearson is listed on the London and New York stock exchanges and in 2008 had sales of £4,811 million and operating profit of £762 million.
June 23, 2009
It would be interesting to know how the synergies would play out. Any idea about the percentage stake and valuation details?