Pearson completes 100% acquisition of TutorVista - Economic Times

BANGALORE: UK-based publishing house, Pearson, has acquired the remaining 20% equity in TutorVista to complete 100% ownership in the Bangalore based online education services company. In 2011 Pearson acquired a majority stake in the then five-year-old TutorVista for Rs 577 crore, valuing it at around Rs 1,000 crore. Pearson's complete takeover of TutorVista forms part of a wider strategy of building significant education services businesses in fast-growing emerging markets li ke India. "We are now a step closer towards establishing ourselves as the leading technology-enabled education services company in India, offering global standards of learning to Indian students, at affordable prices," said Srikanth Iyer , a senior member of the existing management who has been named as new CEO of TutorVista. Founded in 2005 by serial entrepreneur Krishnan Ganesh, TutorVista has 1,300 employees across online tutoring, school management, Information and communicati ons technology and test preparation and tuition. "Ganesh and Meena Ganesh, who leads TutorVista's domestic operations, will give up all management roles in the company they jointly founded," Pearson said in a press release. Download ET's mobile applications for iPad, iPhone, Android, BlackBerry, Nokia and Windows Phone to track news as it happens, live stock quotes, monitor portfolio, get market stats like gainers, losers and movers & much more. To check out free Economic Times apps , Click here Pearson has acquired the remaining 20% equity in TutorVista to complete 100% ownership in the Bangalore based online education services company. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFzYAkpHT6KBtX-pLVGJ_gMqhFfnA&url=http://economictimes.indiatimes.com/news/news-by-industry/services/education/pearson-completes-100-acquisition-of-tutorvista-appoints-srikanth-b-iyer-as-ceo/articleshow/18660902.cms

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