Essential reading for education companies worldwide
Remember me:
Skip Navigation LinksEI article
NetDragon agrees to buy Promethean World

Chinese gaming company NetDragon Websoft has confirmed it will acquire Promethean World, the British education technology firm.

It will pay 40 pence in cash for each Promethean share, which values the London-listed company at approximately £84.1 million. Promethean’s directors said they would unanimously recommend that shareholders accept the offer.

Promethean is best known for its digital whiteboards and has significant sales in North America and Western Europe. It’s faced a tough few years, however, and in 2014 posted a loss of £6.9 million on sales of £118.2 million (down 16.3%).

NetDragon is a leading player in China's online gaming and mobile internet industries, and has an education subsidiary focused on ‘gameified' learning. 

It said it would “support and accelerate Promethean's hardware and software roll out” in current and new markets. 

It added that Promethean's management and employees were “very important to the future development of the company”.

"We are truly excited by the opportunities created with the synergies, both technologies and market access, of the two companies,” vice chairman Simon Leung said.

Gleacher Shacklock was financial advisor to Promethean, VSA Capital advised NetDragon.

Posted on: 13/07/2015

Latest news

Education Services company Bridgepoint Education has appointed John Semel as executive vice-president, chief strategy officer, reporting to chief executive Andrew Clark.
Beijing-based educational service company TAL Education Group has acquired Ready4, a start-up software company based in Boston that creates test and exam preparation apps.
Popperdine University has appointed James A Gash as its president and chief executive, effective from 1 August.
Non-profit coding school Code Nation has appointed its Bay Area executive director Rebecca Novak as its new chief executive.
Pluralsight, the provider of video training courses for software developers, IT administrators, and creative professionals, has announced a $128.6 million net loss for the full-year.
Bright Horizons Family Solutions has announced net income of $158 million for the full year 2018, ending 31 December.
Online textbook retailer Chegg has reported a net loss of $14.9 million for the full year 2018, ending 31 December. This compares to a net loss of $20.3 million reported in 2017.
Global education provider Adtalem Global Education has reported net income of £17.5 million for the second quarter of fiscal year 2019, ending 31 December 2018.
Trinity School, an independent co-educational day and boarding school in Devon, UK, is seeking a buyer amid financial struggles, EducationInvestor Global can exclusively reveal.
UK co-educational boarding and day school Malvern College in Worcestershire is opening Malvern College Pre-School Island West.

Latin America | Vocational education

The multi-national computer giant is forging partnerships with schools, universities and businesses across Latin America in a drive to tackle the region's acute digital skills shortage, writes Jason Mitchell

my images

Global | Higher education

Global University Systems has been expanding rapidly and gained five new campuses in 2018 alone. Founder Aaron Etingen tells Liz Heron about his unique formula for scaling an international higher education platform