Nearby, a Miami-based edtech company being acquired by Renaissance Holding Corp., is a group that develops education technology. While the deal is yet to close, Renaissance Chief Product Officer Todd Brekhus said in an interview this afternoon, “We have a definitive agreement signed by both parties.” First news of the deal leaked to Yahoo! Finance yesterday, and a source inside the company confirmed the sale with ClearTips this morning. Brekhus said Renaissance does not plan to disclose the acquisition price even after the deal is closed.
NearPod provides an edtech platform that K-12 teachers use to create interactive slides filled with videos, quizzes, questions, and other activities in the classroom. Students can use any device to participate in lessons in real time; There is also a student-book learning method. In response to the epidemic, Nierpod now also offers distance education.
It has been a busy year for Nierpod. The company, which was founded in 2012 by three Argentinian entrepreneurs, is now headed by Pep Carrera, which was received as an epidemic in early 2020. The company has raised more than $ 30 million in venture capital according to Crunchbase, and we finalized the startup in 2017 when it raised its Series B.
A former EdTech founder himself, Brinkhas, said the Renaissance had its eyes on Nirpod for a while. “We [Renaissance] The classroom was looking to engage more with lesson delivery and teacher engagement and Nierpod has done it in an extraordinary way, ”he said.
Carrara and the entire team will continue working as usual, with the exception that Carrara will now report to Renaissance CEO Chris Baulke. “We want to continue on our mission and connect our mission with the Renaissance,” Carrera said.
Carrera, who grew up in Miami and came back from Michigan in 2020 to lead the Nerpod, has had many years. In a previous interview, he told me “my first day on the job, I’m going to the office [near Dania Beach] And talking to the management team over the phone, and we decided that we needed to close the office because of the epidemic. It was in March. “Nearpod currently employs around 290 employees, most of which are at its Danya Beach headquarters.
Carrera would not explicitly confirm if he was brought in to lead the exit from the company, but he said the founders were looking at a number of development options intended to serve their users – teachers and students alike. Were staying.
However, the epidemic has raised many questions around remote work led by Carrera, with Nirpod having seen explosive growth in 2020. While Nierpod was designed primarily to be used in the classroom, the team was able to transform it into a distance-learning platform. , Also, it became a pioneer in K-12 distance education.
Nearpods are used in all 50 states and more than 1,800 districts. In 2020 alone, the company grew nearly 50% with more than 1 million teachers using the product, and 2-3 million students online per day. In a December 2020 interview, Carrera told me that all the money generated right now is being put back into the company to promote its growth, which is organic. Nearpod spends very little advertising dollars on marketing. He said that real marketing is by word of mouth.
Prior to joining NearPod, Carrera was president of ProQuest Books, where he focused on providing innovative software that acquired, managed, and distributed books to make academic learners, researchers, and librarians efficient and influential. And even before ProQuest, as president and COO, Carrera developed VitramSource Technologies, the digital learning division of Ingram Conte Group, serving more than 20 million learners per year globally, in its six years Was 10 times more.
M&A activity in EdTech has intensified as vice-chancellors splash money in space. As my colleague Natasha Mascarenhas wrote recently, EdTech is leading the way for mass consolidation in the M&A space. NearPod joins several other edtech companies such as Symbolb and Woot Math which have been out in recent months.
With our interview with Todd Brackhas on Friday 19 February, the Renaissance Chief Product Officer and some additional references about the company were updated.