World’s learning company Pearson has acquired Lumerit Education, an edtech company that provides services on college degree completion and affordability in the consumer and corporate markets, with a valuation of $29 million, the company has announced recently.
Pearson said it will use Lumerit’s technology and expertise to accelerate the growth of its Accelerated Pathways business, which started about three years ago to provide academic services to employers in the corporate learning market.
Founded in 2004 and formerly called College Plus, Lumerit Education provides educational services for learners with focus on college degree completion and affordability in both consumer and corporate markets. It uses data and analytics to match learner profiles to academic programs to enable more people to prosper in their lives through learning. The company claims to have served more than 24,000 students across the US and in 48 countries to date.
Speaking about both Pearson and Lumerit and its future course, John Fallon, CEO, Pearson, said,
“Pearson is committed to making education more affordable and accessible in all phases of life so that anyone with a desire to learn can have the opportunity to obtain the skills necessary to build a successful career.”
“Lumerit’s team has had tremendous success opening doors to education by offering flexible and personalized learning that works no matter if you have a full-time job, are a single parent, are an 18-year old just out of high school, or even a combination of these. We’re excited to build on Lumerit’s rapid growth to expand opportunities for even more individuals looking to improve their lives through learning.”
As part of the deal, Lumerit’s 70 employees will join Pearson’s Online Learning Services division, which houses the Accelerated Pathways team. Pearson Accelerated Pathways works with employers to deliver education programs to employees to help them get better qualified and prosper in their careers and lives.
Ryan Yamane, Co-founder and President of Lumerit Education, also issued a statement saying,
“Lumerit has built an organization dedicated to using technology to serve students from all backgrounds and at all points in their lives. There is no better way for us to continue to build on this success than by combining our incredible talent and innovation with the reach and resources of Pearson.”
Meanwhile, it is said that the acquisition of the San Antonio, Texas-based company marks Pearson’s return to the buyer’s side of the table after more than a couple of years on the other side selling assets and slashing jobs. The company is said to have acquired more than two dozen education companies since the turn of the century.