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Varsity Tutors, the online learning platform launched in 2007, announced today the acquisition of Veritas Prep.
The terms of the agreement have not been disclosed, but, according to the press release, the Veritas Prep team will remain at its Calabasas, Calif., Office, and the product will continue under a separate brand. .
Veritas Prep was launched in 2002 with a suite of test preparation courses. Over the years, Veritas has developed its online courses as well as an admissions consulting business. As academic tutors The acquisition of Veritas Prep allows the company to engage in live online courses (in addition to individual tutoring).
"During its 17 years of existence, Veritas has developed great expertise in providing exceptional online courses online," said Varsity Tutors founder and CEO, Chuck Cohn. "We have looked at many companies and have discovered a huge potential to accelerate our own product development cycle by purchasing this expertise."
Varsity Tutors was originally launched with a platform connecting students with tutors for study sessions and IRL courses. Over time, this product has been transformed to offer fully – on – demand digital lessons to tutors via a live video chat, with whiteboard functionality, document editing and more. other tools. Students can also access free online content (without an instructor) through Varsity Tutors learning tools.
According to Cohn, the Live Learning platform can connect a student to a tutor and start a session in just 20 seconds, and more than 75 percent of new clients opt for online / mobile tutoring instead of just one. in person.
In addition to product development, Varsity Tutors also seeks to expand the number of topics offered to customers. At present, the company offers more than 1000 different subjects (including traditional learning) with over 250 subjects available for instant tutoring on the Live Learning platform.
Varsity Tutors has raised a total of $ 107 million from investors like Learn Capital, CZI and TCV. This is the second acquisition of the company, with Varsity tutors purchasing the first tutors in the UK in 2018 to boost geographic expansion.
The company, which has 600 employees, has more than 40,000 tutors on the platform and has provided over 4 million hours of live training / tutoring since the launch.
Editor's Note: A previous version of this article indicated that university tutors had been launched in 2011. The article has been updated for further clarification.
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