Overall it seems that both 3PL and Blake would fit very will into its portfolio: Subscribe to our Special Situations newsletter. Viburnum seems to be more incentivized to keep Blake / 3PL partnership as it is rather than risk losing 1/3rd of revenues under the new ownership of 3PL. Launched in 2018, Australian EdTech firm Cluey Learning delivers personalised online tutoring support for students in Years 2 -12, across Maths, English and Chemistry. Rosetta Stone is under new ownership — again — as it announced its acquisition Wednesday by San Mateo, Calif.-based edtech company IXL Learning. The presence of Viburnum Funds adds a lot of uncertainty as on paper it can just keep blocking any further offers. The agreement is made for a period of 12 months with a possibility to renew. The company is mostly targeting niche business with play-based products for Children. Blake eLearning has been a customer of 3PL for quite a while with 3PL selling certain Blake's educational products on its platform. Overview + Organizations News Feed Check-ins Product Category + Learning Segment + EdTech Networks + WL Workforce Learning Adults either in a home or office setting focused on professional and career skills. Note: 3PL market cap indicates total consideration of BYJU's offer. It was always to add the right partner. Taking this into consideration and accounting for the control premium, BYJU's offer seems to have some room for improvement here. In FY21 Blake is expected to generate A$41m in revenues and A$19.3m EBITDA. This idea was shared by one of our members, however, we think that a 9% upside looks a bit frail given the uncertainty regarding the intentions of the largest shareholder that owns a blocking stake (25%). Content is mapped to the Australian National Curriculum and is based on the learning needs of individual students. He said the latest tie-up with IXL will “be a boon for customers.”. Viburnum Funds is an investment manager of the Australian public and private equities. We’ll crown the winners from the virtual stage in over a dozen categories, based in part on community voting. Former Scient assets and a portion of the remaining workforce became SBI Group, then Avenue A/Razorfish, then aQuantive, then Microsoft Advertising, then most recently Publicis Groupe in 2009. Back then, it bought Rhode Island-based online educational games publisher ABCya.com for an undisclosed consideration. FY20 3PL margins were suppressed (27% vs 33% in FY19) due to increased expenses related to staff hiring because of the increased demand (pandemic and school closures). The company was taken public by Macquarie and Insight Venture Partners in 2014 at A$2.50/share (fully subscribed). On the other hand, BYJU's offer's price doesn't seem expensive when compared to a similar public peer and has some room for improvement. In September BYJU's CEO stated that they are continuing to look for more acquisitions and intend to expand to the UK, US, and Australia (here and here): After conducting the DD BYJU’s has not provided a firm proposal, while the board engaged with Blake. The company’s IXL product is used by 12 million students. Rosetta Stone is under new ownership — again — as it announced its acquisition Wednesday by San Mateo, Calif.-based edtech company IXL Learning… In September it bought LabInApp - science-lab-like simulation on mobile devices for an undisclosed amount. This is a pending merger in the Australian K12 online education sector, which involves several interested parties. We’ll celebrate the Pacific Northwest’s leading innovators, entrepreneurs and technologists at one of the most anticipated tech events: The GeekWire Awards, presented by Wave Business. The company went public in 2009 and turned private again last year after a deal with Cambium Learning Group. Written by Legal Desire Posted on March 2, 2021 March 2, 2021 Less than 0 min read . There is a chance all parties will find some kind of path forward, but uncertainty is high. Raised ~$300M from Khosla Ventures and others VCs The potential in this space has been reflected in the takeover offer for 3P Learning, with IXL’s slapping an enterprise value of $166.7 million on the company. Rosetta Stone has about 40 employees at its Seattle hub that is led by Matt Hulett, a Seattle-area tech vet who took over as president in August 2017. Viburnum hasn't officially rejected the A$1.50/share offer yet, however, it stated that a better alternative path for 3PL is to merge it with Viburnum's subsidiary Blake eLearning (private). Initially, the company has slightly outperformed its FY15 guidance, however, since H1'FY16 started rolling downwards due to lower than expected sales and profitability growth (competition, pricing pressure issues, etc.). It became known for its big yellow CD-ROM boxes but has transitioned to app-based products that feature speech recognition tech and live lessons. Over 4.7m students and 17k students use 3PL products worldwide. Viburnum states that the combined company would have a much larger market cap and would immediately get re-rated. He previously worked at Pioneer Square Labs; TinyPulse; ClickBank; RealNetworks; AdXpose; Expedia; and Atom Entertainment. IXL has been on an acquisition spree, swooping up Wyzant, Vocabulary.com, Education.com, and ABCya over the past four years. The contract is expected to bring A$13.61m (US10m) revenues in FY21. At IXL Learning, we are passionate about improving learning for all. 12.5x EBITDA also seems inexpensive compared to the 3PL IPO multiple of 19.6x in 2014. Both exited their stakes shortly after the IPO. 3PL provides math, literacy, and science learning software products. Moreover, at this point, it is also unknown if the Ministry contract of 3PL is going to be renewed or it is just a one-off (expected to add A$13.6m revenues in FY21). Our impact. Since the end of FY16, the company has started a 3-year restructuring process, changed its CEO and CIO, and refocused on math and literacy products. Access securities related information for Canadian companies. BYJU's is one of the most successful ed-tech startups in the world and the second-largest startup in India. The downside is difficult to estimate. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Recently it completed another funding round of US$200m, lifting its valuation to US$12bn (previous round of US$500m earlier this year valued the firm at US$11bn). Viburnum values Blake at $188m and sees the consideration in 90% 3PL stock (issued at A$1.35/share) and 10% in cash. IXL Learning, the K-12 personalized learning product used by more than 12 million students, now offers an integration with Schoology, a popular learning management system used in 60,000 schools. In June'20 the company announced a contract with a Ministry of Education of a certain Middle East country for providing online math education products. This is not a financial services site, all information is presented for educational purposes only. 3PL had two takeover proposals - one from IXL Learning at A$1.35/share and another one from Indian ed-tech giant BYJU's at A$1.50/share. Viburnum's proposal sees Blake getting acquired at 9.7x FY21 EBITDA, while BYJU's proposal for 3PL comes at 6.72x FY21 EBITDA. The acquisition would almost double 3PL share-count and dilute existing shareholders. Brazilian EdTech News: Arco Acquires Me Salva! Jan 2, 2021. The soared share price was buoyed by the announcement that 3P Learning had entered into a Scheme Implementation Agreement (SIA) with a global online learning platform, IXL Australia. Israeli medical imaging startup Nanox raises $165.2M in Nasdaq IPO; the company priced its 9.2M shares top-range at $18 for a valuation of about $1B. 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Leading search and AI-driven technology. All readers carry their own due diligence and invest at their own risk. On 14 August 2020, 3P learning unveiled that it has entered into a Scheme with IXL Australia Pty Ltd (“IXL Australia”), 100% owned subsidiary of IXL Learning, Inc. (IXL), a leading global online learning platform. BYJU's offer comes at 12.5x FY20 EBITDA (ending Jun'20), compared to its peer (KME) valuation of 13.7x FY EBITDA. So in FY21, significant growth is expected - Morgan Stanley estimates  3PL revenues at A$72m and EBITDA at A$27m. Disclaimer - nothing on this site should be considered as investment advice or trading recommendation. acquires Whiteboard.fi ... Australian EdTech firm Cluey plans growth in 2021 following IPO. EdTech platform Kahoot! “Rosetta Stone is going to be get even better with the right growth capital to advance the world’s language learning journey,” he wrote. 2021 © All rights reserved by SpecialSituationInvestments.com. IXL Learning proposal has already been rejected and voted down by the largest 3PL shareholder Viburnum Funds (recently acquired a blocking stake of 25%), while BYJU's is still conducting the due diligence. Its engaging and gamified content is targeting the K12 segment (schools). Latham & Watkins Advises Underwriters in Haymaker Acquisition Corp. III’s US$300 Million IPO . You will hear of a few more acquisitions from us. Saving Bookmark this article Bookmarked. K-12 personalized learning platform IXL Learning acquires Australian online education platform 3P Learning, ... IPO. In a LinkedIn post, Hulett noted the unusual nature of executing two transactions within a year. Workforce Learning Follow Adults either in a home or office setting focused on professional and career skills. According to IXL, IXL is, “The world’s most popular subscription based learning site.” and,”Practice that feels like play.” Basically, it’s another one of those learning sites like Noredink. Pre-announcement price is at A$1.09/share. The company made 6 acquisitions so far - the biggest one is the recent WhiteHat Jr takeover for US$300m in August. The IXL app is tailor-made for tablets and phones to create a fun, immersive experience that students love. SAN MATEO, Calif., Jan. 14, 2020 /PRNewswire/ -- IXL Learning, the K-12 personalized learning platform used by more than 8 million students, announced the results of a … Visually this comparison of FY21 performance makes Blake look quite expensive, however, it should be noted that over the last 3 years its "revenue has grown at close to 30% per annum", compared to the flat revenues of 3PL. On the 20th of Nov, Viburnum made a proposal for 3PL to acquire Blake eLearning. We are exploring some of them very seriously. Latham & Watkins Advises IXL Learning in Acquisition of Wyzant Tutoring Marketplace IXL Learning, the K-12 personalized learning platform used by 11 million students, has announced that it has acquired Wyzant, the nation’s largest marketplace for online tutoring. Easily search through thousands of online maths and English practice skills! [...] Most of the recent fundraising is to finance inorganic growth, like full-cash acquisitions. 14th Aug - Proposal from IXL Learning at A$1.35/share is received. by Taylor Soper on March 17, 2021 at 3:22 pmMarch 17, 2021 at 3:24 pm. Aside from its proprietary products, 3PL has distribution rights to products owned by Blake Elearning (reading, math, and other products). Future Education – can tests and exams also be taken online? IXL Learning is a leading educational technology company on a big mission: delivering an immersive learning experience to all students, in all grades and subjects, in schools and homes worldwide. Of course, at the time of the IPO the company showed much better growth prospects (vs zero growth over the last 3 years) and had higher margins (35.5% vs 27% currently). Wyzant’s pre-IPO backers include Accel. 3P Learning's current board is now recommending shareholders accept the $1.35 per share offer from its US suitor, IXL Learning, which values the fallen star on a … Known to take activist ownership positions. Founded in 1992 and based in Arlington, Va., Rosetta Stone sells language learning software across 150 countries. Formed in 1996, iXL peaked in 1999. iXL merged in 2001 with Scient and the combined firm filed for bankruptcy in 2002. It gives you a question, based on the assignment you are working on, and if you get it right, it gives you points. Business intelligence analytics search software. Subscribe to GeekWire's free newsletters to catch every headline. Since then the company has grown its revenues from A$36.5m to A$55m (FY20), but EBITDA was hardly changed (from A$13m to A$14.6m). Mar 11, 2021. IXL Learning is no stranger to the acquisition trail, having announced three other purchases since October 2018, according to Zephyr, the M&A database published by Bureau van Dijk. EdTech platform IXL Learning Acquires Rosetta Stone. Have a scoop that you'd like GeekWire to cover? 300 Million IPO in a home or office setting focused on professional career! Years increased it to the current levels ( 25 % ) Oct - viburnum increases its stake from 22.9 to. With IXL will “ be a boon for customers. ” inexpensive compared the. ; TinyPulse ; ClickBank ; RealNetworks ; AdXpose ; Expedia ; and Atom Entertainment 3PL at! In India % ) in FY21 Blake is expected - Morgan Stanley estimates 3PL revenues a... And exams also be taken online is expected - Morgan Stanley estimates revenues. 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