EdtechX Holdings makes Nasdaq debut
EdtechX Holdings has made its debut on the Nasdaq, becoming the world’s first education and education technology SPAC (Special Purpose Acquisition Company).
EdtechX Holdings, headquartered in London, intends to build an industry-leading platform of next generation education and training businesses through the targeted acquisition, consolidation and development of companies that are growing, profitable and early adopters of technology. In the first 18 months, EdtechX Holdings intends to initially focus its acquisition strategy on businesses typically ranging in value from USD100-USD600 million (and up to USD1 billion).
EdtechX Holdings is led by CEO Benjamin Vedrenne-Cloquet and Chairman Charles McIntyre. Benjamin and Charles are long standing business partners and have built businesses in the edtech, media and financial services sectors. Together, they lead IBIS Capital, a leading specialist education and edtech focused investment bank. In 2013 Charles and Benjamin also co-founded EdtechX Global, a world leading industry conference series and insight network with access to over 5,000 companies and 1000 industry leaders, innovators and influencers in the education, training and edtech industries.
Benjamin Vedrenne-Cloquet, says: “With the launch of EdtechX Holdings as a SPAC, we are targeting growing and profitable management owned or financial sponsor backed companies willing to join EdtechX Holdings in order to pursue ambitious growth strategies and make the most of the consolidation and digital disruption opportunities available in the education and training sector globally. We not only provide strategic access to the world’s most innovative and largest capital market, we also bring deep sector knowledge and experience in managing acquisitive and technology-led growth strategies.”
McIntyre adds: “The intention is to focus on education and training businesses that are well positioned strategically to use capital and technology to boost their growth and ultimately, their profitability. Generally, we see opportunities in the international education, alternative education and corporate training market segments. These are segments with a large number of players that are growing, profitable and early adopters of technology. We believe these are good proxies to get exposure to both the fundamental long term growth of the sector and its natural digital transformation.”
EdTechX Holdings has assembled a high profile international board and advisory committee including, among others:
• Peter Davis, Senior Advisor at Boston Consulting Group (BCG) in NY and former President of McGraw-Hill Education.
• Richard Culatta, former Director of the Office of Educational Technology for the US Department of Education under the Obama Administration.
IBIS Capital and Azimut Enterprises, a leading European independent asset management company with over USD61 billion of assets under management, are listed as sponsor investors in EdtechX Holdings.
SPACs are now being used by mainstream private equity players in the United States as alternative vehicles to traditional funds. They do not charge management fees and provide greater liquidity to investors.