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.
Turning | January 12, 2022
Echo360, the globally leading video-based learning platform, announced today that it has merged with Turning, the world's premier provider of learning engagement platforms for education, business, and government sectors, to establish the industry's most comprehensive SaaS-based video learning and engagement platform that enables instructors and learners to share impactful learning experiences from anywhere.
Combining Echo360's advanced video recording, streaming and video content management platform with Turning's expansive suite of learning engagement, authoring, and content solutions delivers the most holistic learning engagement experience for instructors and learners in any environment -- with more analytics, tools, and integrations with leading LMS platforms to ensure learning outcomes are achieved across every segment the combined enterprise now serves. The additional capital from Centre Lane Partners will enable Echo360 to dramatically expand their current offering in response to faculty and market demand.
A NEW CHAPTER OF GROWTH
Murad Velani, Chief Executive Officer, will lead the combined company, which will operate under the Echo360 brand name. The investment will allow Echo360 to expand its reach geographically and across other core learning markets including K12 education, government, and corporate learning. The combined enterprise will serve over 1,000 colleges and universities around the world, in addition to thousands of K12, business, and government customers in the Americas, Europe, Middle East and Asia Pacific regions.
"Our mission is to create remarkable learning experiences for instructors and learners no matter who they are, where they are, or how they choose to learn, and video is an essential tool to enable the level of engagement we strive for in service to our customers around the world," said Velani. "Together Echo360 and Turning deliver the scale to be the global leader in learning engagement across every sector, and expands our ability to create equitable, engaged learning for all. Both companies have remarkable talent, a track record of innovation and impact, and together provide global scale at a time when learning demands and expectations around the world are being challenged and redefined daily."
ANSWERING THE CALL FOR HYBRID LEARNING
Amidst emergency remote learning caused by looming Covid-19 Omicron threats, school faculty, students, and administration are increasingly embracing video and hybrid learning alternatives -- digitally enabled approaches that facilitate more flexible teaching and learning experiences for students and faculty alike. In recent surveys, 73 percent of students have indicated a preference for online learning, and 57 percent of faculty said they would prefer teaching hybrid courses following the pandemic.
"The fit between Turning and Echo360 is a natural one, and one that will immediately benefit the expanded segments," said Fred Singer, former Echo360 CEO who will be joining the newly combined company's board. "The unexpected need to transform campus life in 2020 forced a shift in our understanding of what's possible within a digital classroom and the broader educational technology ecosystem. Coming out of that experience, we've been seeing universities across the globe rethink the role of technology in creating more meaningful, more flexible, and more satisfying experiences for students and faculty alike. The combined platform supplemented with significant capital resources will ensure Echo360 continued leadership," said Singer.
REDEFINING LEARNING ENGAGEMENT
Turning's unique suite of student engagement tools combined with the Echo360 platform creates a highly interactive hybrid learning environment that unleashes the instructional power and learning potential of video. By enhancing Echo360's video-based solutions with Turning innovations, students and faculty will now be able to engage with course material at a deeper level and collaborate more effectively with their peers. Students can access class content and videos at any time and can take notes that are automatically time-synched to moments within the recorded lecture. Faculty can gauge student comprehension through live quizzes and advanced interactive audience response.
To ensure the student experience is ever-improving, faculty can also access a suite of analytics and features to best track student learning and engagement in real-time. Built specifically for the cloud, instructors can use the platform from wherever they are, on any device, to record and create content, give, and receive feedback, and gain real-time insight into a student's learning journey.
"This acquisition will redefine the learning engagement ecosystem, bringing a robust video management system capability to Turning's proven learning engagement solutions to create a transformational SaaS platform at scale that will accelerate growth for the company. Delivering proven Turning solutions like Dojo360, Point Solutions, and ExamView within a holistic Echo360 video learning experience to existing and new customers unlocks expansive growth opportunities, and we are committed to supporting this investment and management team."
Ken Lau, Co-founder, and Managing Director, at Centre Lane Partners, LLC
Echo360 believes that improved outcomes start with great moments in the classroom. Developed by educators, Echo360 helps instructors record and extend those moments to improve learner engagement through accessible, engaging video-based learning, reaching more than two million learners at approximately 1,200 schools and organizations across North America, Europe, the Middle East, and Asia Pacific. www.echo360.com
Turning was born out of the desire to transform traditional learning into active learning engagement. With global reach and impact across higher education, corporate, K12, and government sectors, the Turning portfolio (including Dojo360, ExamView, Point Solutions, and Knowbly) embodies its mission to create remarkable learning engagement experiences for everyone, everywhere. www.turning.com
About Centre Lane Partners
Centre Lane is a private investment firm focused on making equity and debt, control and non-control, investments in North American middle market companies. Centre Lane targets companies with revenues between $20 and $500 million that have leading market positions and sustainable competitive advantages in their respective niches.
edsurge | April 27, 2020
It has been over a month since most U.S. schools closed their doors. But what many hoped would be a temporary transition to remote learning has morphed into something more permanent, as many districts have announced they will not reopen for the rest of this academic year. The hasty rollout of new plans, and piecemeal changes to them, have flustered teachers and parents alike. “It’s really hard to have a routine with changing expectations week by week,” said Angela Estrella, an instructional coach at the Stanford University Graduate School of Education. “What seemed reasonable two weeks ago now does not seem so reasonable today.”