Britain's Pearson Plc, the world's largest book publisher, yesterday said that it has taken full control of TutorVista after acquiring the remaining 20 per cent in the Bangalore-based learning services company.
Without disclosing the financial terms of the deal, The London-based company said in a statement, "Pearson...Today announces the acquisition of the block of shares it does not already own in TutorVista, to complete 100-per cent ownership of the Bangalore-based learning services company."
In 2001 Pearson, publisher of the Financial Times and Penguin Books, had raised its stake in TutorVista to a controlling 76-per cent after acquiring a minority stake in 2010, taking its total investment in the company to approximately Rs632 crore ($139 million).
Founded in 2005 by Krishnan Ganesh, TutorVista supplies digital content and technology platforms to private and government schools in India and provides online tutoring services to approximately 10,000 students per month.
It uses Voice-Over-Internet-Protocol and online whiteboards to connect instructors in India with school and college students.
TutorVista also operates a network of 60 centres across southern India delivering English language coaching courses as well as trains teachers and school administration services to schools to around 5,000 students in India.