Partners Group-backed SPi completes India edtech bolt-on
SPi Global, a Philippines-based enterprise technology provider controlled by Partners Group, has paid an undisclosed sum for a majority stake in Indian education technology company LearningMate.
The deal ensures a partial exit for US-headquartered private equity firm Helix Investments. Helix took a majority stake in LearningMate via a $10 million in 2009.
LearningMate, founded in 2003, provides a middleware technology platform called Frost for K12, higher education, and corporate training companies. Clients can use the platform to design courses, create video-based educational content and obtain analytics on learning outcomes.
The company says it employs over a thousand technology professionals globally across offices in India, the US, UK, and Canada. It says that it has more than 250 clients and that its solutions have been used by more than five million students. It will now operate as an independent subsidiary SPi, with its management team retaining a stake in the company.
“We are excited with this new partnership and look forward to working closely with Partners Group and the SPi Global leadership to accelerate our growth and make a significant contribution to our education and training communities in these unprecedented times of rapid change that will need us to innovate more than ever before,” Samudra Sen, founder and CEO of LearningMate, said in a release.
It extends a string of bolt-ons by SPi. These include Scientific Publishing Services, an Indian offshore services provider for print and digital publishers acquired last year, and Scope e-Knowledge Center, an UK-based scholarly publishing services provider. Financial terms were not disclosed.
SPi Global, founded in 1980 as a data entry services provider for US companies, is headquartered in Manila. Partners Group acquired a majority stake in the business from CVC Capital Partners and Philippine Long Distance Telephone Company in 2017 for $300 million.
Previously focused on business process outsourcing services in healthcare, education and customer relationship management, SPi has transitioned into content technology and content solutions for global publishers. The company also provides data services and expertise to companies in specialized domains such as technical and medical publishing, financial technology, and media. It has clients in 30 countries.
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