Education services provider TAL Education Group has paid $30m for a 32% stake in China-based e-learning platform developer Phoenix E-Learning Corporation on Friday.
Founded in 2003, Phoenix is the operator of online learning platform Zxxk.com, which has over 15 million registered users spread across more than 30,000 public schools in China, more than any of its competitors, the company claims.
TAL said in a statement: “TAL’s investment in Phoenix E-Learning is an important step to enter the market of digitalising public schools. We have achieved strong organic growth in our own business while proactively building an ecosystem for education through strategic investments and acquisitions.
“Through our direct investment in Phoenix E-Learning, we have the opportunity to enter a white space market with our advantages in proprietary content and tutoring services.”