New Delhi: International leading media and publishing firm Pearson today said it has acquired the remaining 20 percent stake in TutorVista, completing 100 percent ownership in the Bangalore-based learning services company, boosting its presence in the eduction space in India.
Pearson is the owner of the renowned book publisher Penguin, besides the UK-based business daily The Financial Times.
"Pearson...Today announces the acquisition of the block of shares it does not already own in TutorVista, to complete 100 percent ownership of the Bangalore-based learning services company," the company said in a statement.
However, the company did not disclose the deal value.
Pearson had in 2009 acquired a minority stake in TutorVista, increasing its holding in 2011 to a controlling position of 80 percent, it said.
Pearson has also appointed Srikanth Iyer, a senior member of the existing management, as new Chief Executive Officer (CEO) of TutorVista, it added.
Founded in 2005 by Krishnan Ganesh, TutorVista has 1,300 employees across online tutoring, school management and tuition among others.
"Ganesh and Meena Ganesh, who lead TutorVista's domestic operations, will give up all management roles in the company they jointly founded," the statement said.
"Through Pearson's pedigree, systems and processes we are now a step closer towards establishing ourselves as the leading technology-enabled education services company in India, offering global standards of learning to Indian students, at affordable prices," Iyer said in the statement.
In India, Pearson Education India specialises in the publication of academic and reference books in the fields of computer science, engineering, business and management, trade, higher education and competitive examination preparation books.
TutorVista is one of the leading online tutoring companies in the world with tutors working across India and teaching US students.