Bangalore (Karnataka) [India], September 5: In line with their robust growth strategy for the India market, PowerSchool, a global leader of cloud-based software for K-12 education, announced their acquisition of Chennai-based enterprise resource planning (ERP) software company Neverskip. The acquisition combines the power of Neverskip's best-in-class ERP with PowerSchool's industry-leading solutions to create a unified technology platform for schools in India that optimizes operations, elevates student and staff success, and increases overall family engagement. With this acquisition, PowerSchool will immediately expand its reach to over 900 schools and 1.2 million students in India and sets a foundation for growth to support the larger Indian education market.
Over the last two decades, PowerSchool has established itself as one of the front runners in the global edtech ecosystem, catering to over 50 million students in over 90 countries. PowerSchool reported $630 million revenue in 2022, with a valuation of $4.3 billion, and forecasts a revenue target of approximately $690 million for 2023. The brand's user-friendly Learning Management System (LMS), Schoology Learning, supports over 60,000 schools globally. Combining the prowess of the Neverskip ERP with PowerSchool's full suite of solutions, including its data analytics, student support tools, and teacher effectiveness offerings as well as the LMS, will bring about a paradigm shift by providing schools throughout India with one trusted partner for end-to-end administrative and academic functions. With this acquisition, PowerSchool and Neverskip will now support some of India's most renowned schools including, D.A.V Group of Schools, Ekya, Maxford, Future Kids, Manipal School and SBOA Group of Schools with its products.
Sharing his views, Hardeep Gulati, Chief Executive Officer of PowerSchool, said, "We are excited about the opportunity to make an immediate impact in the Indian education system and improve outcomes for the nearly 250 million school-aged students. PowerSchool has extensive experience helping many international and private schools in India elevate teacher effectiveness and student outcomes. Since its establishment in 2017, our Bengaluru office and its 1,300+ local employees have committed to bringing our global technology solutions to Indian educators and learners. Our acquisition of Neverskip is an instrumental step in our journey to provide personalized education to all and we are excited to welcome their employees and customers to PowerSchool."
With this acquisition, PowerSchool will now extend their best-in-class technology by providing centralized access to all administrative and learning functions including admissions, fee management, transport, student records, homework, assignments, examinations, report cards, parent communication, blended classrooms, personalized education, and meaningful data analytics.
"We understand the unique needs of school leaders, families, and students in India. India has a dynamic and ever-evolving education ecosystem comprised of one of the largest student populations globally. Additionally, integration of technology in learning has witnessed accelerated growth during and after the recent pandemic. In fact, industry research indicates the increase in school digitization which is expected to exceed $500 million in the next five years, but also recognizes the scalability of the Indian ERP market to reach US$1.04 billion by 2028. All of this is expected to increase the need and demand for tech-powered learning solutions. As a leader in education innovation, PowerSchool will continue to provide cloud-based technologies to enable schools in their digitization journey aligned with India's New Education Policy (2020)," Apoorav Nischal, Managing Director and Country Head, PowerSchool India.
"As demonstrated by their globally renowned products, especially Schoology Learning, PowerSchool has truly redefined personalized education. We are excited about this new chapter in our journey. This step enables us to expand our solution suite and value to customers and dramatically expand our scale and reach." added Shankar Jambulingam, Founder & Chief Executive Officer at Neverskip.
PowerSchool (NYSE: PWSC) is a leading provider of cloud-based software for K-12 education in North America. Its mission is to power the education ecosystem with unified technology that helps educators and students realize their full potential, in their way. PowerSchool connects students, teachers, administrators, and parents, with the shared goal of improving student outcomes. From the office to the classroom to the home, it helps schools and districts efficiently manage state reporting and related compliance, special education, finance, human resources, talent, registration, attendance, funding, learning, instruction, grading, assessments, and analytics in one unified platform. PowerSchool supports over 50 million students globally and more than 15,000 customers, including more than 90 of the top 100 districts by student enrollment in the United States, and sells solutions in more than 90 countries.
Visit www.powerschool.com to learn more.
Neverskip offers a comprehensive ERP solution that streamlines diverse school functions, ranging from admissions and fee management to online exams, report cards, and essential administrative tasks that are required to manage schools efficiently. Neverskip's dedication lies in enhancing school efficiency and stakeholder experiences through innovative digital solutions. With strong collaborations across CBSE, ICSE, State-board, and IB curricula schools in over 20+ states in India, Neverskip brings a positive impact on the lives of students and educators.
Visit www.neverskip.com to learn more.
(Disclaimer: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same)