On November 3, 2015, Hong Kong-listed ("NetDragon") announced the completion of its acquisition of Promethean World PLC ("Promethean"), a London-listed global leader in interactive learning technology. The all-cash deal valued at approximately US$130 million (£84.1 million) gave NetDragon full ownership of Promethean. This move was designed to merge NetDragon’s internet/gaming capabilities with Promethean’s established hardware/software presence in over 100 countries and 1.3 million classrooms. 2. Companies Overview
NetDragon pursued Promethean to accelerate its global expansion in the educational technology sector. netdragon buys promethean
This paper outlines the strategic acquisition of Promethean World PLC by NetDragon Websoft Inc., a transaction completed in late 2015 that significantly shifted the landscape of global education technology (ed-tech). A British educational technology company known for its
A British educational technology company known for its interactive whiteboards (ActivBoards) and software (ClassFlow). It boasted strong market share in the U.S. and UK, with over 2 million teachers and 30 million students using its platform. 3. Rationale for Acquisition On November 3
Promethean had been suffering from falling revenues and losses ($6.9 million loss in the year prior to the deal), providing a, lower-cost entry for NetDragon to acquire a premium brand. 4. Deal Structure and Terms Price: 40 pence in cash per Promethean share.
The offer represented a ~48% premium over the closing price of 27 pence on June 15, 2015.