The companies will bring expert instruction in STEM fields to individuals worldwide, with a shared goal of bridging the STEM opportunity gap
SINGAPORE and MUMBAI, India, May 19, 2021 /PRNewswire/ -- Emeritus, the global leader in making high-quality education accessible and affordable to individuals, companies, and governments around the world, announced today a definitive agreement to acquire iD Tech, the world leader in youth STEM education for $200 million. The acquisition, which is being made through Emeritus' parent company Eruditus, marks Emeritus' expansion into K12 STEM education, as the company grows to prepare individuals of all ages to succeed in the workforce, and positions Emeritus as one of the largest and fastest growing skilling platforms. Upon the closing of the transaction, iD Tech will operate independently, maintaining its all-star team of instructors and employees. Emeritus and iD Tech's distinct, yet highly complementary, offerings will be scaled to support a global audience with improved learning experiences.
STEM career opportunities are projected to grow exponentially, with an estimated 3.5 million jobs in the U.S. alone that need to be filled by 2025. With offerings from both companies in coding, math, game development, robotics and more, Emeritus and iD Tech are positioned to make STEM learning more accessible, paving the way for brighter futures in STEM occupations.
"Emeritus is in the business of teaching the skills of the future like AR/VR, artificial intelligence, cybersecurity, software engineering, design thinking and leadership to professionals," said Ashwin Damera, co-founder and CEO, pointing to the company's more than 200 short courses, online degree programs, boot camps and CXO programs offered in collaboration with more than 50 of the world's top universities. "We believe that proficiency and mastery of these skills should begin in K12, and that iD Tech will be instrumental as we jointly pursue our goal of closing STEM skills gaps globally. Their long-term learning system is a perfect complement to what we offer adult learners and will allow us to create a formidable life-long learning ecosystem. Moreover, as a female founded family company, with strong DEI initiatives and a mission-driven culture, the iD Tech team is inspiring and we're excited to be working together."
Pete Ingram-Cauchi, CEO of iD Tech, echoed these sentiments, noting that "more and more kids are experiencing STEM touchpoints in their daily lives, whether it's coding in their favorite video games or 3D printing mask extenders. The pandemic accelerated interest in STEM fields, and we have been ecstatic to see more interested learners exploring and mastering this space. Both iD Tech and Emeritus share the belief that such offerings will only continue to grow in interest, and we are confident that we can open access for people everywhere to our courses and instructors."
Damera explained that Emeritus' global reach -- its university partnerships and corporate clients span North and South America, Europe, the Middle East, Asia and Southeast Asia, and 3x growth in emerging markets -- combined with the fact that iD Tech has students from 135 countries and all 50 states in the US, makes for an unprecedented life-long learning proposition for students and professionals worldwide. It positions individuals for success, starting in elementary school and continuing throughout their professional careers. Students are supported and inspired by iD Tech's programs with 97% of students going on to attend a four-year college (nine out of 10 of whom study STEM), and 90% saying that iD Tech impacted their long-term goals.
Emeritus and iD Tech share a pedagogical approach rooted in positive learner outcomes. Whether delivered online or in-person, learning programs from both companies are recognized for their innovative content, hands-on instruction and mentoring initiatives, and their accessibility and affordability. While virtual courses are the present focus, both companies will also continue to expand their in-person programs, many taking place at top universities, in the US and globally in 2022.
About Emeritus Emeritus is committed to teaching the skills of the future by making high-quality education accessible and affordable to individuals, companies, and governments around the world. It does this by collaborating with more than 50 top-tier universities across the United States, Europe, Latin America, Southeast Asia, India and China. Emeritus' short courses, degree programs, boot camps, and senior executive programs help individuals learn new skills and transform their lives, companies and organizations. Its unique model of state-of-the-art technology, curriculum innovation, and hands-on instruction from senior faculty, mentors and coaches educates more than 100,000 students per year across 80 countries. Founded in 2015, Emeritus, part of Eruditus Learning Solutions has more than 1,000 employees globally and offices in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai. The company has raised over $160 million in capital and is backed by the Chan Zuckerberg Initiative, Sequoia India, Leeds Illuminate, and Prosus Ventures. Learn more at Emeritus.org and Emeritus LinkedIn.
About iD Tech iD Tech is the world leader in youth STEM education and believes that all students deserve quality tech education. The family company was founded by a mother-daughter duo over 20 years ago in Silicon Valley and operates year-round online programs, in addition to summer camps at more than 150 top universities worldwide. Course topics include coding, 3D modeling, artificial intelligence, robotics, and game design. iD Tech is dedicated to bridging the digital divide and is committed to gender diversity. Since its inception, iD Tech has donated more than $6 million in life-changing educational experiences to underrepresented communities. For more information, visit www.iDTech.com.