Chinese online gaming giant NetDragon and UK-based Promethean World announced that they agreed on an acquisition worth $130 million in cash, reports Education Week.
Rumors about an acquisition of the interactive whiteboard maker already made the rounds in June. The deal was confirmed on Friday by both companies.
NetDragon has shown an increased interest in the education space, raising a $52.5 million Series A for its subsidiary Best Assistant Education in January and acquiring voice and speech technology provider ChiVox last month. In 2013 NetDragon sold its online app store to Baidu for nearly $2 billion, the largest tech M&A in China at that date.
Promethean will continue to operate under its brand and become part of NetDragon’s strategy to become a global online education leader.
- BRIEF-Promethean World in discussions with NetDragon about potential offer | Reuters
- Chinese Gaming Company to Acquire Ed-Tech Provider Promethean | Education Week