Pearson, the world's leading learning company, today announces the acquisition of the block of shares it does not already own in TutorVista, to complete 100 per cent ownership of the Bangalore-based learning services company.
In 2009, Pearson had acquired a minority stake in TutorVista, increasing its holding in 2011 to a controlling position of 80%.
TutorVista was founded in 2005 by Krishnan Ganesh, one of India's best-known entrepreneurs, and today has 1,300 employees across online tutoring, school management, ICT and test prep and tuition. Mr. Ganesh and Meena Ganesh, who leads TutorVista's domestic operations, will give up all management roles in the company they jointly founded.
Pearson has named Srikanth Iyer, a senior member of the existing management, as new CEO of TutorVista.
Srikanth Iyer said: "Through Pearson's pedigree, systems and processes we are now a step closer towards establishing ourselves as the leading technology-enabled education services company in India, offering global standards of learning to Indian students, at affordable prices."
Pearson's complete takeover of TutorVista forms part of a wider strategy of building significant education services businesses in fast-growing emerging markets. At the heart of this strategy is applying its market-leading learning services to make education more accessible and effective.
TutorVista boasts an impressive delivery network for fast-growing education services such as school management, online tutoring, and technology based classroom solution for schools and test prep market. Through PES (formerly Edurite) it has an active customer base in major cities as well as Tier II towns, giving it a breadth of consumers that complement Pearson's ambitions.
Notes to Editor
About Pearson:
Pearson is the world's leading learning company, providing educational materials and services, business information through the Financial Times Group, and consumer publishing through the Penguin brand. Pearson serves learners of all ages around the globe, employing 41,000 people in more than 70 countries. For more information, visit www.pearson.com.
About TutorVista:
Being a part of Pearson, TutorVista aims to seamlessly combine content and technology and offer customised solutions of international standards to audiences not just in India but worldwide.
TutorVista's current market offerings include: managing and operating high-quality schools across the country that leverage Pearson's global knowledge and expertise in k-12 services; on-line tutoring to students mainly in the US at affordable prices; ICT via its DigiClass brand for schools and higher education institutions; and technology-aided coaching classes and test preparation services for competitive Entrance (CET, AIEEE, IIT-JEE, AIPMT) and School/Board examinations (State, CBSE, ICSE).
For any further information, please contact:
Srikanth B Iyer, CEO, Pearson Education Services
For over 17 years, Srikanth has been an Information Technology Entrepreneur.
Srikanth has been the COO of Pearson Education Services, formerly known as Edurite Technologies, a leading education services company working in the school domain in India. Srikanth is also one of the co-founders of Edurite.
He brings sales, operations and strategic depth to Edurite. He has been mainly responsible for Edurite's leadership position in India in the curriculum e-learning space. Some of the best schools in India use their flagship product, DigiClass.
Srikanth started his career with Wipro in 1993 in the SPD team where he picked up the basic grounding but left soon enough to chase his entrepreneurial instincts. Srikanth holds a Post Graduate Diploma is Software Engineering from Harvard University (DCE) and an undergraduate degree in Computer Science Engineering from Bangalore University, India.
Srikanth was featured on CNBC: Young Turks Innovators, which is an important weekly programme telecasted by CNBC-TV18.
Srikanth has been appointed at the CEO of Pearson Education Services after complete takeover of TutorVista by Pearson.
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