Acquisition expands online language learning market
Established in 2014 by brothers Alex and Tudor Iliescu in their hometown of Brașov, Romania, Mondly develops online language learning platforms including websites and apps with free and paid courses for over 40 languages. As well as offering language lessons in virtual and augmented reality, Mondly offers enterprise solutions through MondlyWORKS and has an award-winning app, MondlyKIDS, that helps children to learn languages.
Listed on the London Stock Exchange with a market capital of almost £6 billion, Pearson is a multinational education and publishing group.
This acquisition will increase Pearson’s offering to customers by adding online self-study to improve language skills to Pearson’s existing learning tools and assessment portfolio. This marks another step in Pearson’s digital strategy, giving them a foothold in the fast growing direct-to-consumer language learning market and increasing connectivity across the entire Pearson portfolio.
Mills & Reeve advised the founders of Mondly on the English law aspects of the purchase, working closely with our best friend firms in the US, Kegler Brown, and Kinstellar in Romania on this transaction.
Alex Iliescu, CEO and co-founder of Mondly said: "Mondly's mission has always been to make language learning fun, easy and accessible to everyone. We are excited to be joining forces with Pearson, the world's leading learning company, to help us achieve our goal on a much larger scale. Together we will work to shape the future of learning languages.”
Jonathan Greenwood, corporate partner at Mills & Reeve, said “This transaction takes Mondly to the next level and provides a platform that will enable the founders to continue to grow and innovate in the ever-expanding EdTech market. According to a recent Valuates Report, the global EdTech market is currently valued at USD 85 billion as of 2021, a figure which is expected to reach over USD 230 billion by 2028.
"Our expertise in the technology sector and global network of best friend firms meant we were able to provide the sellers with commercially focused advice across the many borders involved in this transaction.”