$10 Million Initial Investment Focuses on Emerging Technologies
NEW YORK, NY, July 13, 2009 -- Pearson, the world leader in educational content, technology and assessment, announced today that it is partnering with Revolution Learning to accelerate its aim to identify, develop, and scale the next generation of learning technologies, school management and organization innovations. Pearson has invested in a $10 million innovation venture fund managed by Revolution Learning.
"Over many years, Pearson has pioneered a range of effective digital learning innovations: course management and learning management platforms, digital textbooks, embedded diagnostic and online assessments, and data systems that help personalize learning and manage school accountability. This partnership with Revolution Learning extends our resources for evaluating emerging technologies that can break new ground and help bring forward the day when we can have universally effective, as well as universally available education" said Steve Dowling, Pearson Executive Vice President.
The innovation venture fund brings together two leaders in education. By harnessing technology to make learning personal to each student, Pearson is part of a revolution that puts into the hands of a highly effective teacher data about a student's learning styles and needs, assessments to watch him through the learning process and ready communication between home and school. Revolution Learning is the education sector's leading private equity investor that concentrates primarily on funding innovative tools, platforms and formats.
"Access to broadband, inexpensive devices, powerful applications, and global markets make this the ideal time to invest in educational innovation," said Tom Vander Ark, partner in Revolution Learning. "Investing in companies in this rapidly growing market makes financial sense and promotes the acceleration of both formal and informal learning which is key to global economic growth. With their global scale, marketplace knowledge, and record of investment in educational technology development, Pearson brings a track record of progress to the goals of this partnership."
Pearson (NYSE: PSO), the global leader in education and education technology, reaches and engages today's digital natives with effective and personalized learning, as well as dedicated professional development for their teachers. This commitment is demonstrated in the company's significant investment in innovative print and digital education materials for preK through professional learning, student information systems and learning management systems, teacher development, career certification programs, and testing and assessment products that set the standard for the industry. Pearson's comprehensive offerings help inform targeted instruction and intervention so that success is within reach of every student at every level of education. Pearson's commitment to education for all is supported by the global charitable giving initiatives of the Pearson Foundation. Pearson's other primary businesses include the Financial Times Group and the Penguin Group. For more information, go to www.pearson.com.
About Revolution Learning
Revolution Learning, an affiliate of Revolution Ventures, is a multi-stage private equity investor concentrating on improving formal and informal learning. With a focus on innovative learning tools, platforms, and formats, Revolution Learning focuses on companies that improve educational engagement, access, and efficiency with a particular interest in innovations that connect young people with viable life options. One of the early Revolution investments was AdvancePath Academics, a drop out prevention network. Revolution partners have deep expertise in building successful businesses, deploying leading edge learning technologies, and scaling innovative school operations.
Tom Vander Ark