upGrad | November 30, 2021
upGrad, Asia’s integrated higher edtech leader, has entered into an exclusive acquisition agreement with Global Study Partners (GSP), Australia's largest study abroad company, in a bid to strengthen its overseas education network. upGrad will invest USD 16 Million to buy 100% of GSP and commit a further USD 10 Million for future growth. GSP is slated to close its current financials at a GMV of over USD 10 million which will grow four-fold in the coming year.
Following the impact of the COVID-19 pandemic, 45.2% of prospective global students are now interested in studying their program virtually as an alternative, according to The Impact of COVID 19 on Study Abroad Survey. Canada’s ApplyBoard in the same segment got funded recently at a USD 4 billion valuation. Leveraging this behavioural change, upGrad’s acquisition of GSP strengthens its foray in Study Abroad, one of the fastest growing segments worldwide.
Founded in 2015 and headquartered in Sydney, Global Study Partners (GSP) boasts of an extensive institution network of over 600, with a focus on countries including, Australia, the UK, Canada, and the US, which are some of the most popular Study Abroad destinations in the world. GSP is also armed with more than 1,300 recruitment partners, including education and migration agents, schools, test preparation centres, alumni associations etc.
“As an Integrated EdTech leader - we span the entire gamut of a learner's need from the age of 18-50 and in that, Study Abroad is a key growth initiative for us - not just out of India which is one of the two largest markets but also for our learners internationally. GSP coming into upGrad’s fold will be a needle mover for us to attain a headstart in being a global leader in this segment too.”
Ronnie Screwvala, Chairperson & Co-Founder, upGrad
Elaine Starkey, CEO and Founder, Global Study Partners, said “I couldn’t think of a more complementary business that is underpinned by shared principles and ethics “to empower learners throughout the world. Ronnie and Mayank are true visionaries with a deep understanding of this sector and truly get that 'it's all about the learner’s experience'. GSP partners' - institutions and recruitment partners - worldwide, will enjoy the benefits that the additional reach and capacity GSP can now deliver, and they can expect significant growth in quality student enrolments.”
Students opting for Higher Education abroad from India are increasing rapidly and expected to reach ~1.8 million by 2024, as per Redseer report. They would be spending USD 75-85 Bn overseas, as Online emerges as the dominant channel for availing these services.
“With 150K students every year, Australia is one of the biggest destination markets for Indian learners. With these two education giants in the key supplier and the demand markets combining forces, we are looking to build a revenue of USD 100Mn in study abroad business in the next 3 years,” Gaurav Kumar, President - Corporate Development and M&A, upGrad.
upGrad - started in 2015 is a pioneer in the online education revolution, focused on powering career success for a global workforce of over 1.3 billion. It is one of the few Integrated LifeLongLearning Tech Companies in the world - spanning the college learner to the working professional from the age group of 18-60 years and across Undergrad courses, Campus & Job Linked Programs, Studying Abroad, short form to executive programs to Degrees, Masters and Doctoral - with a learner base of over 2 million across 50 countries and over 300 University partners & a robust enterprise business with a client base of 1000 companies worldwide.
upGrad’s Global Learning Engine rests on four pillars - (a) its large repository of original & owned content and IP, (b) its own best-in-class proprietary tech platform, (c) its high touch human-led delivery service backed by coaches & mentors, and (d) an 85% course completion track record, backed by a further 80% career outcomes guaranteed performance. Already termed Asia’s higher EdTech leader it has offices in the UK, US, Middle East, India, Singapore & Vietnam, and presence in many more countries.
About Global Study Partners (GSP)
Global Study Partners (GSP) is a leading B2B global EdTech marketplace for international student enrolments that works with 600+ Universities and Higher Education Institutes across the globe. GSP empowers students around the world by providing access to the best educational choices when embarking on studying abroad. Founded in 2015, the firm is headquartered in Sydney, Australia and has placed international students from 22 different countries into key study destination markets including Australia, UK, Ireland, US and Canada. GSP is committed to transforming lives through education and building out a globally connected student community.
prnewswire | January 21, 2021
Labor force improvement pioneer Penn Foster today declared a critical new speculation from BayPine and Two Sigma Impact to quicken the form out of its computerized learning stage zeroed in on planning frontline laborers to flourish inside high-development, high-expertise occupations. The two speculation organizations will band together with Penn Foster to acquire new capacities information science and trend setting innovation to help the organization keep on contribution down to earth, reasonable answers for its understudies.
"Skill gaps and economic mobility are, in many ways, two sides of the same coin," said Frank Britt, Chief Executive Officer of Penn Foster. "This investment reflects our belief that the combination of advanced labor market analytics with low-cost digital training can help individuals make better-informed decisions about their educational investments. It's about enabling employers to close skill gaps by identifying and creating career paths for historically untapped talent."
A computerized learning stage that works in association with bosses, public labor force offices, and local area based associations, Penn Foster conveys expertise based preparing for in excess of 300,000 working students every year. Notwithstanding offering authorize projects and declarations in fields going from medical care to talented exchanges, Penn Foster accomplices with significant managers, including Lowe's and Walmart, to give secondary school recognition and vocation instructional classes that are regularly entrances to higher pay jobs.
"Two Sigma Impact believes that by focusing on creating a better workforce, we can create long term value and better business outcomes," said Ian Blasco, Partner at Two Sigma Impact. "We are excited to work with Penn Foster to apply advanced data science techniques to the development of dynamic, skills-based training that is tightly coupled with the demands of the labor market."
"For decades, Penn Foster has been at the forefront of delivering flexible, affordable, and job-relevant development programs that have redefined the intersection of education and work," said Anjan Mukherjee, Managing Partner at BayPine. "The implementation of digital transformation initiatives to unlock human potential is core to our thesis, and we look forward to working closely with management to develop a modern, agile platform at Penn Foster that leverages the power of data to drive better outcomes for working learners."
In "Unstuck in the Middle," a white paper delivered by Penn Foster a year ago, the organization put forth the defense that perceiving ability fulfillment along a range could open financial versatility for laborers utilized in positions that require in excess of a secondary school confirmation however not a long term degree. As per the National Skills Coalition, while center ability occupations make up the biggest segment of the US work market, only 44% of laborers are right now prepared to the center expertise level. A new report distributed by the philanthropic, Opportunity@Work, proposes that the assessed 71 million Americans who need four-year degrees, however are "Gifted Through Alternative Routes" (STARs), speak to an undiscovered pool of ability for US bosses.
"The critical need for different ways to approach training and education for workers has become more prominent in the past few years, and the pressure on our economy created by the pandemic has only emphasized that the time has come for a workforce transformation," said Ann Ruble, Operating Partner at Two Sigma Impact. "New data-driven approaches to learning will help expand access to training in high-demand fields for both workers and employers at a time when it is needed most."
This speculation speaks to the following period of Penn Foster's development following an effective organization with Bain Capital Double Impact, the effect contributing unit of Bain Capital. Terms of the exchange were not unveiled. Macquarie Capital filled in as monetary guide and William Blair and Company as co-consultant to Penn Foster. Everberg Capital additionally partook in the exchange. Jamieson gave exchange the board guidance.
Cengage Group and Gale | January 13, 2022
The California State Library and Riverside County Office of Education have partnered with Gale, part of Cengage Group, to provide California's more than six-million K-12 students and over 300,000 educators with access to science, technology, engineering, arts and math (STEAM) digital resources from Gale. These new resources are part of California's K-12 Online Content Project and are available at all schools (10k+) and public libraries (1.1k+) throughout California to support and strengthen STEAM learning.
The California K-12 Online Content Project is a joint program between the California State Library and Riverside County Office of Education to enhance learning environments through digital resources. The project provides teachers, school librarians and students with a variety of digital information and tools that include: magazines, books, scientific research, newspaper articles, photos, videos, educational tools and more — all aligned with California educational standards and student data privacy laws. Gale is the fourth provider to join the project.
"This investment in California's future is part of Governor Newsom's ongoing work to close the opportunity gap, ensuring that all Californians regardless of circumstance are connected with the tools they need to succeed," said California State Librarian, Greg Lucas.
Gale's STEAM resources include:
Gale In Context: Environmental Studies – understand environmental issues that affect people globally through topic overviews, journals, news and multimedia content.
Gale Interactive: Science – manipulate 3D interactive models to visualize and understand biology, chemistry, earth, and space science concepts.
Gale Presents: National Geographic Kids – explore amazing adventures in science, nature, culture, archaeology and space.
With geo-authentication, Californians can access Gale's STEAM resources 24/7 from any computer or mobile device without the use of a library card or password. This enables users to seamlessly access Gale's authoritative content, eliminating barriers to access resources. Additionally, the resources feature integrated workflow tools from Google Workspace for Education and Microsoft Office 365 tools, as well as language translation, downloadable audio and easy ways to share and save content. The resources can also be integrated into districts' and schools' aligned learning management systems, abiding by current California law regarding student data privacy.
"Libraries play a crucial role in making knowledge accessible to empower learning and to enrich lives. The California State Library's K-12 Content Project is a game-changer for students and educators in the state, and we couldn't be prouder to participate in bringing the library to learners."
Paul Gazzolo, senior vice president and general manager at Gale
About Cengage Group and Gale
Cengage Group, an education technology company serving millions of learners in 165 countries, advances the way students learn through quality, digital experiences. The company currently serves the K-12, higher education, professional, library, English language teaching and workforce training markets worldwide. Gale, part of Cengage Group, provides libraries with original and curated content, as well as the modern research tools and technology that are crucial in connecting libraries to learning, and learners to libraries. For more than 60 years, Gale has partnered with libraries around the world to empower the discovery of knowledge and insights – where, when and how people need it. Gale has 500 employees globally with its main operations in Farmington Hills, Michigan.
About the California State Library
Founded in 1850, the California State Library has an extensive collection of documents from and about the state's rich history, ranging from books, maps, miners' diaries, newspapers, and periodicals to photographs, paintings, and posters. The State Library also holds federal and state publications, is home to the Bernard E. Witkin State Law Library and the Braille and Talking Book Library and serves as the lead state agency for library-related services throughout California, including the K-12 Online Content Project.