NetDragon Expands Globally with the Completion of Promethean Acquisition
[November 3, 2015, Hong Kong] NetDragon Websoft Inc. (“NetDragon” or “the Company”) (Hong Kong Stock Code: 777), a leading developer and operator of online games and mobile internet platforms in China, today announced that it has completed the acquisition of a 100% stake in Promethean, a London-listed world leader in the rapidly growing global interactive learning technologies market, for a total consideration of US$130 million (equivalent to approximately HK$1 billion).
The acquisition of Promethean is a testament to NetDragon’s on-going commitment to investing in lifetime learning that brings together technology and big data in a way that improves the overall user experience for all learners around the world.
Promethean is a global leader in internet learning technology and is one of the few interactive learning companies that has a combined hardware and software solution which includes its flagship interactive whiteboards ActivBoards, and software ClassFlow. Promethean has established itself as one of the leading brands in the international education market with its products currently used in over 100 countries and in 1.3 million classrooms globally. With two million teachers and over 30 million students using its platform, Promethean will provide NetDragon with a strong brand, global sales and marketing channels and enormous business potential.
Mr. Simon Leung, Vice Chairman and Executive Director of NetDragon, commented, “We are truly excited by the technological synergies and market access opportunities that will be created through this acquisition. We believe the combined entity will continue to create value for our shareholders, and more importantly, will have a transformational impact on how people learn around the world.”
Mr. Jim Marshall, Chief Executive Officer of Promethean commented, “We are extremely excited to join the NetDragon family, where we will be able to continue our mission of empowering students and teachers by encouraging them to engage, interact and collaborate. We started building interactive whiteboards over 15 years ago, and have since brought together teachers and students in over 1.3 million classrooms around the world. We look forward to working with NetDragon in expanding our presence in more schools.”