USD 150 Million Strategic Investment by Ascendent Capital Partners in NetDragon's Education Subsidiary
2019年11月10日 - 9:33PM
JCN Newswire
NetDragon Websoft Holdings Limited ("NetDragon" or the
"Company", Hong Kong Stock Code: 777), a global leader in building
internet communities, is pleased to announce the signing of
definitive agreements with Ascendent Capital Partners ("Ascendent")
in connection with a USD 150 million strategic investment in
NetDragon's education subsidiary.
The private convertible securities to be issued to Ascendent can be
converted into the ordinary shares of NetDragon's education
subsidiary at a valuation of USD 1.35 billion, and this strategic
investment is part of the broader collaboration between NetDragon
and Ascendent, an institutional investor with extensive experience
and active investments in the Greater China education sector.
In recent years, NetDragon has emerged as a global leader within
the education technology market. In addition to servicing educators
and school districts in China with its unique offerings including
the award-winning 101 Education PPT application and smart classroom
solutions, the Company has also become a global platform with its
acquisitions of Promethean, Edmodo and JumpStart, all of which are
leading players in their respective business segments.
Collectively, the platform has more than 13 million monthly active
users and over 100 million registered users world-wide.
Ascendent, a private investment firm focused on Greater
China-related investment opportunities, with a strong track record
in the education sector, is regarded as a trusted partner by its
portfolio companies, working with management teams to grow the
underlying businesses and implement value-add initiatives to
enhance operational and financial performance.
Ascendent's investment portfolio in the education sector covers
kindergartens, learning centers, K-12 international schools, and
study abroad service providers in the Greater China region. As part
of our collaboration with Ascendent, NetDragon intends to bring its
full suite of products and services to the students, teachers and
parents within Ascendent's education portfolio network, and explore
potential partnership opportunities with various Ascendent's
portfolio companies.
Mr. Leon Meng, Chairman and Chief Executive Officer of Ascendent,
commented, "We believe in the vision and capabilities of
NetDragon's management team to pursue innovative education
technology solutions, and to improve the overall learning
environment for students, teachers and parents around the world. We
look forward to fully leveraging Ascendent's experience and
expertise in the education sector to assist the Company in reaching
its next stage of development."
Dr. Simon Leung, Vice Chairman of NetDragon, added, "We are excited
to have Ascendent as both a financial and strategic partner, and
believe that this investment will further springboard our
developments in Asia while also supporting our broader vision of
building a global, connected learning community."
The proceeds from the strategic investment by Ascendent will be
used to support product development and growth strategies, as well
as to fund potential acquisitions and investments in the education
sector.
About Netdragon Websoft Holdings Limited
NetDragon Websoft Holdings Limited (HKSE: 0777) is a global leader
in building internet communities with a long track record of
developing and scaling multiple internet and mobile platforms that
impact hundreds of millions of users. These include China's number
one online gaming portal, 17173.com, and China's most influential
smartphone app store platform, 91 Wireless, which was sold to Baidu
for US$1.9 billion in 2013 as the largest Internet M&A
transaction in China.
Established in 1999, NetDragon is one of the most reputable and
well-known online game developers in China with a history of
successful game titles including Eudemons Online, Heroes Evolved
and Conquer Online. In recent years, NetDragon has also started to
scale its online education business on the back of management's
vision to create the largest global online learning community, and
to bring the "classroom of the future" to every school around the
world. For more information, please visit www.netdragon.com.
About Ascendent Capital Partners
Ascendent Capital Partners ("Ascendent") is a private investment
firm focused on Greater China-related investment opportunities.
Managed by a team of experienced investors, the firm provides
strategic advice and capital to businesses that are well positioned
to capitalize on the domestic growth and consumption in the Greater
China region, notably in the education, consumer, healthcare, and
advanced manufacturing sectors. Ascendent has built a high-quality
portfolio of companies led by world class entrepreneurs and
executives that are based or active in China. For more information,
please visit www.ascendentcp.com.
For investor enquiries, please contact:
NetDragon Websoft Holdings Limited
Ms. Maggie Zhou
Senior Director of Investor Relations
Tel.: +852 2850 7266 / +86 591 8390 2825
Email: maggie@nd.com.cn
Website: ir.netdragon.com
Source: NetDragon Websoft Holdings Limited
Copyright 2019 JCN Newswire . All rights reserved.
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