China's NetDragon acquires U.S. online learning community Edmodo

Updated 2018-04-09 09:15:24 Xinhua

Chinese online game developer NetDragon Websoft Inc. announced Sunday it had acquired 100-percent stake in Edmodo, a leading U.S. online learning community.

The 137.5 million U.S. dollar acquisition, in a combination of cash and shares of an affiliated education company of NetDragon, shows NetDragon's commitment to building the world's largest online learning community.

"The acquisition will bring enormous synergies and opportunities for both NetDragon and Edmodo," said Simon Leung, vice chairman of NetDragon.

Vibhu Mittal, chief executive officer of Edmodo, said the acquisition would help their online learning community accelerate innovation and offer more resources for online learners.

Hong Kong-listed NetDragon is based in Fuzhou, capital of east China's Fujian Province. Initially known for its online games and mobile apps, the company has expanded its online education sector in recent years. Last year, it saw a revenue of 3.868 billion yuan (613 million U.S. dollars), 54 percent of which was contributed by education business.

In 2015, NetDragon acquired 100-percent stake in Promethean, a London-listed provider of interactive learning technology.

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