Latest News | LEAD to Acquire Pearson's Local K-12 Learning Business in India

New Delhi, Jan 6 (PTI) Edtech firm LEAD on Friday said it will acquire Pearson K-12 learning business in India.

However, the company did not divulge the financial details of the deal.

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The acquisition will expand the reach of LEAD to over 9,000 schools and will further enhance its product portfolio to cater to the entire spectrum of more than 5 lakh private schools in India.

"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," LEAD co-founder and CEO Sumeet Mehta said in the statement.

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In its K-12 learning portfolio, Pearson India caters to private, english medium CBSE and ICSE schools offering blended learning solutions -- mix of both books and digital.

"LEAD's acquisition of Pearson's local K-12 learning business in India is being funded through a combination of new fundraise 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 the first quarter of 2023," the statement said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)