Welcome!

News Feed Item

USD 150 Million Strategic Investment by Ascendent Capital Partners in NetDragon's Education Subsidiary



HONG KONG, Nov 10, 2019 - (ACN 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: [email protected]
Website: ir.netdragon.com


Source: NetDragon Websoft Holdings Limited

Copyright 2019 ACN Newswire . All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Moroccanoil®, the global leader in oil-infused beauty, is thrilled to announce the NEW Moroccanoil Color Depositing Masks, a collection of dual-benefit hair masks that deposit pure pigments while providing the treatment benefits of a deep conditioning mask. The collection consists of seven curated shades for commitment-free, beautifully-colored hair that looks and feels healthy.
The textured-hair category is inarguably the hottest in the haircare space today. This has been driven by the proliferation of founder brands started by curly and coily consumers and savvy consumers who increasingly want products specifically for their texture type. This trend is underscored by the latest insights from NaturallyCurly's 2018 TextureTrends report, released today. According to the 2018 TextureTrends Report, more than 80 percent of women with curly and coily hair say they purcha...
The textured-hair category is inarguably the hottest in the haircare space today. This has been driven by the proliferation of founder brands started by curly and coily consumers and savvy consumers who increasingly want products specifically for their texture type. This trend is underscored by the latest insights from NaturallyCurly's 2018 TextureTrends report, released today. According to the 2018 TextureTrends Report, more than 80 percent of women with curly and coily hair say they purcha...
We all love the many benefits of natural plant oils, used as a deap treatment before shampooing, at home or at the beach, but is there an all-in-one solution for everyday intensive nutrition and modern styling?I am passionate about the benefits of natural extracts with tried-and-tested results, which I have used to develop my own brand (lemon for its acid ph, wheat germ for its fortifying action…). I wanted a product which combined caring and styling effects, and which could be used after shampo...
The precious oil is extracted from the seeds of prickly pear cactus plant. After taking out the seeds from the fruits, they are adequately dried and then cold pressed to obtain the oil. Indeed, the prickly seed oil is quite expensive. Well, that is understandable when you consider the fact that the seeds are really tiny and each seed contain only about 5% of oil in it at most, plus the seeds are usually handpicked from the fruits. This means it will take tons of these seeds to produce just one b...
Steaz, the nation's top-selling organic and fair trade green-tea-based beverage company, announces its 2017 "Mind. Body. Soul." tour, which will bring authentic experiences inspired by the brand's signature Mind. Body. Soul. tagline to life across the country. The tour will inform, educate, inspire and entertain through events, digital activations and partner-curated experiences developed to support the three pillars of complete health and wellness.
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
ScaleMP is presenting at CloudEXPO 2019, held June 24-26 in Santa Clara, and we’d love to see you there. At the conference, we’ll demonstrate how ScaleMP is solving one of the most vexing challenges for cloud — memory cost and limit of scale — and how our innovative vSMP MemoryONE solution provides affordable larger server memory for the private and public cloud. Please visit us at Booth No. 519 to connect with our experts and learn more about vSMP MemoryONE and how it is already serving some of...
Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understa...
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
Platform9, the leader in SaaS-managed hybrid cloud, has announced it will present five sessions at four upcoming industry conferences in June: BCS in London, DevOpsCon in Berlin, HPE Discover and Cloud Computing Expo 2019.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
When you're operating multiple services in production, building out forensics tools such as monitoring and observability becomes essential. Unfortunately, it is a real challenge balancing priorities between building new features and tools to help pinpoint root causes. Linkerd provides many of the tools you need to tame the chaos of operating microservices in a cloud native world. Because Linkerd is a transparent proxy that runs alongside your application, there are no code changes required. I...