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January 24, 2013

Deal Alert: Kaizen PE, Bertersmann invest Rs.22-Cr in Educomp unit WizIQ

Online education platform WizIQ, operated by Mohali-based AuthorGen Technologies, has raised $4 million in Series B investment from the education focused Kaizen PE and Germany-based media group Bertelsmann. WizIQ offers SaaS based virtual classroom software for teachers, trainers, colleges and universities, high schools, and training and tutoring centers. WizIQ has over 200,000 teachers and 2.5 million learners using the platform in more than 100 countries around the world. AuthorGen is a unit of listed education firm Educomp. 

As part of the deal, authorSTREAM, a online platform that PowerPoint users use to share presentation based content, is to merge into Online education platform firm WizIQ. (See M&A section for more on this transaction.) 

From the Venture Intelligence PE Deal database: The Indian Angel Network had, in October-2006, invested in AuthorGen Technologies. In August-2007, Educomp had acquired a 51% stake in the company for $8.7 million. In December-2010, authorSTREAM, a spin-off from AuthorGen Technologies, had raised an angel investment round led by Rajan Anandan, currently head of Google India. 

Source: Press Release

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