Global investment firm KKR, and Australia-based private equity firm Five V Capital has signed definitive agreements pursuant to which KKR will acquire a majority stake in Australian and New Zealand education technology company Education Perfect.
EP assists students, teachers, parents, and school leaders by providing them with data insights and tools for automated marking, feedback, secure assessment and differentiation.
KKR makes its investment from its Global Impact Fund.
Alex Burke, CEO of Education Perfect, said, “An investment by KKR’s Global Impact Fund validates EP’s stand-out position and exceptional track record in the fragmented education technology industry. COVID-19 has put education technology in the spotlight, and our amazing team and world-class data, technology and content have been the foundation of our success. I welcome KKR’s investment, which marks a key moment in the Company’s journey and sets EP up for its next phase of global growth. I’m excited by what the investment represents, and how it validates the quality of the product that we are offering to teachers, students, parents and school leaders, and the exceptional work the entire EP team is doing.”
Chee-Wei Wong, head of KKR Global Impact for Asia, said, “Education Perfect aligns with our focus on lifelong learning by democratizing access to quality digital tools for teachers and students thereby driving inclusiveness in education. Its best-in-class platform combines quality content, formative assessments, student analytics and personalized learning, which support teachers day-to-day and help improve students’ learning efficacy. We look forward to supporting the team as it accelerates its winning strategy to become a global leader in edtech while delivering strong outcomes in quality education.”
Srdjan Dangubic, founding partner of Five V Capital’s said, “From our first meeting with Craig and Shane Smith and the management team, we knew Education Perfect was a terrific company with very exciting global prospects. We are proud to have backed the EP team and world leading product to create the largest Ed-tech business in ANZ. Since our investment, EP’s leading team has more than doubled to over 200 employees delivering revenue growth of over by 400% and earnings growth of 600%. We believe that the future remains very bright, and we are delighted to continue with our investment alongside Alex, the EP team and KKR. We look forward to much future success.”
Macquarie Capital, PWC, Clifford Chance and Gilbert + Tobin acted as advisors on the transaction.