Pearson ups stake in TutorVista to own 100%

Taking a step forward to boost its presence in the education space in India, Pearson today said that it has acquired the remaining 20% equity in TutorVista to complete 100% ownership in the Bangalore-based learning services company.

Pearson had acquired a minority stake in 2009, and a majority stake in 2011 in TutorVista. It currently own 80 per cent of the company. Pearson did not disclose the deal value.

Founded by Krishnan Ganesh in 2005, TutorVista has about 1,300 employees across online tutoring, school management and test prep and tuition.

With Pearson taking full control of TutorVista, its current leaders in the Indian market – Krishnan Ganesh and Meena Ganesh will not have any management role in the Bangalore-based company from now, according to a company statement.

Srikanth Iyer, a senior member of the existing management, will become the new CEO of TutorVista, Pearson said in a release today.

“Through Pearson’s pedigree, systems and processes 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,” Iyer said in a statement.

TutorVista’s strong presence in the tier-II cities is expected to give Pearson an advantage in penetrating the Indian market faster.