Media and publishing firm Pearson has acquired the remaining 20% stake in TutorVista. It now completes 100% ownership in the Bangalore-based learning services company.
In 2011 Pearson acquired 80% stake in the then five-year-old TutorVista for Rs.577 crore, valuing it at around Rs.1,000 crore. As per the agreemen, promoter Ganesh had to sell the balance 20% in a maximum period of three years which he has now done, in two years. Srikanth B Iyer, the chief operating officer of Pearson Education Services, formerly known as Edurite Technologies has been named as new CEO of TutorVista.
TutorVista has 1,300 employees across online tutoring, school management, Information and communications technology and test preparation and tuition.
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