Bloomberg — Open English, which teaches online English lessons to Spanish speakers, has secretly made an initial public offering (IPO) in the United States, according to a person familiar with the matter.
The company is seeking to go public next year, although its plans may changeSaid the person who asked not to be identified because it is about privacy.
Open English, which has been working with financial advisors, had previously explored a merger with a blank check company before going public, mentioned Bloomberg news in november. Details of Open English’s operations and financing will be disclosed at a later time in a public file if it continues to an initial public offering.
A company representative declined to comment.
Open English will follow a handful of other education technology providers that have gone public with the increased demand for distance learning tools due to the Covid-19 pandemic. These companies include Duolingo Inc, PowerSchool Holdings Inc, and Udemy Inc.
Founded in 2007 by CEO Andres Moreno in Caracas, Open English is now headquartered in Florida with offices in Mexico, Colombia, Argentina and Brazil. Its revenue was $77 million in 2020, with over 1 million students enrolled, As the company stated in a previous statement. It has also expanded to Europe and the Middle East, he said.
Open English acquired Next University in 2015 and has expanded to include professional training classes such as web development and software, according to a statement issued at the time. The company was valued at $70 million in March 2019, and its investors include Insight Partners, TCV, Redpoint Ventures and Flybridge Capital Partners, according to data provider PitchBook.
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This article was translated by Estefanía Salinas Concha.
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