(Hong Kong, 8 April 2018) NetDragon Websoft Holdings Limited (“NetDragon” or “the Company”) (Hong Kong Stock Code: 777), a global leader in building internet communities, today announced that it has entered into a definitive agreement to acquire 100% stake in Edmodo, a leading global learning community, for a consideration of US$137.5 million. The acquisition consideration will be paid in a combination of cash and shares of NetDragon’s education subsidiary valued at a preacquisition valuation of US$1.8 billion.
The acquisition of Edmodo is a testament to NetDragon’s on-going commitment to building the largest active online learning community on a global scale.
Edmodo is a global education network offering a communication and collaboration platform to K-12 schools targeting teachers, students, administrators and parents. The Edmodo network enables teachers to share resources, distribute quizzes and assignments, and connect with students, colleagues, and parents in safe, meaningful ways. With over 90 million registered users in 400,000 schools across 192 countries, the Edmodo platform is one of the largest and most active learning community platforms in the world. NetDragon’s acquisition of Edmodo will further its mission of becoming the world’s largest learning community.
By joining Edmodo’s network and NetDragon’s portfolio of technologies and platforms, including Promethean’s industry-leading interactive education technologies, the combined entity will support our users’ learning activities within the classroom, at home and on-the-go with capabilities that include lesson preparation, lesson delivery, student collaboration, homework assignments, teacher-student-parent communications, education content marketplace and resources sharing.
Dr. Simon Leung, Vice Chairman and Executive Director of NetDragon, commented, “We are truly excited by the synergies and monetisation opportunities that will be created through this acquisition. We believe our complete product offerings will bring learning experience to another level for learners around the world, and more importantly, will continue to create value for our shareholders.”
Dr. Vibhu Mittal, Chief Executive Officer of Edmodo commented, “We are thrilled to be joining NetDragon to accelerate our mission of connecting all learners with the people and resources they need to reach their full potential. We will be able to innovate faster, provide more support to teachers and districts, and provide a deeper network with 2 more resources and tools for all learners. We look forward to working with NetDragon to improve learning on a scale unmatched by other providers.”