The acquisition will allow Pearson to offer a full range of ways for people to learn and prove their English skills — adding online self-study to its existing diagnosis and learning tools and assessment portfolio.
“Today’s acquisition marks another step in our digital strategy, giving us an exciting foothold in the fast-growing direct-to-consumer English learning market and building yet more connectivity across the entire Pearson portfolio,” said Andy Bird, CEO of Pearson.
Mondly is one of the world’s leading online language learning players, offering consumers high-quality learning in English and 40 other languages via its app, website, virtual reality and augmented reality products.
“Mondly is a fast-growing and profitable business that expands our reach and scale in the language learning market and drives growth for the company. This acquisition is strategically important to the group as well as being accretive and driving shareholder returns,” Alex Iliescu, co-founder and CEO of Mondly, said.
Pearson expects this acquisition to accelerate revenue growth from 2023 onwards for its English Language Learning division and continues to expect mid-teens margins for the division by 2025.