TAL Education Group Acquires Boston-based Test Preparation Startup
Founded in 2013, Ready4 is a mobile prep platform that delivers AI-powered live and on-demand test prep courses for the GMAT, GRE, SAT, ACT, PSAT, and MCAT.
TAL Education Group (NYSE: TAL) announced today that it acquired Boston-based online test preparation and admissions services startup company Ready4 Inc.
After the acquisition, the startup, formerly known as LTG Exam Prep Platform Inc., would help add on-demand and live online courses and adaptive assessment science to TAL's portfolio of products, the company said.
"We've been fans of Ready4 since we first invested in the company back in 2014, which was our first investment in a company outside China," said David Zhao, general manager of TAL's test prep division. "Ready4's expertise in mobile technology and adaptive learning science is unmatched, and allows us to provide greater access to KMF's leading online test prep courses outside of our traditional market. With the completion of the deal today, we are excited to fully bring Ready4 into TAL family."
Founded in 2013 by MIT-graduate and former Israeli professional basketball player, Elad Shoushan, Ready4 is a mobile prep platform that delivers AI-powered live and on-demand test prep courses for the GMAT, GRE, SAT, ACT, PSAT, and MCAT, as well as admissions consulting services for MBA, graduate, law, and undergraduate degrees.
Ready4, which has served more than 2 million students in over 150 countries, has also partnered with more than 60 colleges and universities, including Harvard University, the Massachusetts Institute of Technology, and the University of North Carolina.
In addition to TAL, SqaurePeg Capital, Castor Ventures and Zhen Fund are the key investors of Ready4, according to its website.
"From our inception, we have been committed to helping students – no matter where they live or their income level – achieve their educational dream," said Elad Shoushan, CEO of Ready4. "It starts with access to high quality live online and on demand test prep courses, as well as to admissions consultants from top universities."
Shares in TAL Education declined nearly 3 percent to close at $30.90 per share in New York on Thursday.
For the three months through November, the Beijing-based company, which provides K-12 after-school tutoring services in China, said its revenue grew 35 percent year-over-year to $586 million, beating estimates. At the same time, its net income soared to $123.8 million compared with $40.7 million for the third quarter of the preceding year. Per share earnings were 21 cents.