Private equity firm PSG, which partners with middle-market software and technology-enabled services companies, has invested in Waterloo, Ontario-based DigitalEd, which provides a software-as-a-service-based digital learning platform called Möbius, focusing on science, technology, engineering and mathematics education.
Boston-based PSG is DigitalEd’s sole outside investor.
DigitalEd was founded in 2018 and is used by more than 300 educational institutions worldwide, administering over 20 million tests and assignments, supporting online learning for universities, institutes of technology, and community colleges.
Möbius is designed to reduce the time educators spend on administrative tasks required for course preparation and grading. It provides educators with content created by STEM curriculum experts, delivers coursework, and monitors student performance with analytics. For students, Möbius can be accessed anytime and anywhere, providing automatic marking and immediate feedback.
Jim Cooper, founder and chief executive of DigitalEd, said: “We are extremely proud of the ongoing adoption of Möbius, and how it has allowed online education to enhance and improve traditional education. We believe the PSG team understands and is committed to our founding vision. In our view, they are a perfect partner for DigitalEd, as we seek to continue to expand the Möbius platform to empower educators by both measuring and improving the learning experience.”
Chris Andrews, principal at PSG, added: “We believe DigitalEd has a robust and highly scalable platform which is uniquely positioned for growth amid the rising demand for both e-learning tools and STEM education. We look forward to working alongside the DigitalEd’s talented team in an effort to accelerate the company’s growth through product innovation, strategic go-to-market initiatives and continued focus on user experience.”
Christina Perdikoulias, president of DigitalEd, commented: “Everything we do at DigitalEd is grounded in optimising the experiences and successes of students. We are excited to partner with PSG and continue our commitment to providing high-quality, individualised and accessible education at scale.”
Stikeman Elliot and Weil, Gotshal & Manges were legal advisor to PSG. Gowlings WLG, Grant Thornton and Tyton Partners were advisors to DigitalEd.
Date published: 4 August 2021