The future of education is online; that statement is supported by data. Today, we are reading that edtech company 2U is purchasing online course provider edX for $800 million.Yes, that edX which was founded by MIT and Harvard University. Simply, they have exited, creating $800 million in less than a decade!
American universities are so amazing on how to unlock value: ‘It’s a big day in the education technology space. Edtech company 2U is purchasing online course provider edX for $800 million, following a year where digital instruction was a global necessity amid the pandemic. The deal, per The Wall Street Journal, “combines two major players” in online education — edX is a nonprofit run by Harvard University and the Massachusetts Institute of Technology aimed at bringing elite education to the masses. 2U’s CEO says the deal signifies the beginning of the “digital transformation of education.” ‘
MIT and Harvard University have announced a major transition for edX, the nonprofit organization they launched in 2012 to provide an open online platform for university courses: edX’s assets are to be acquired by the publicly-traded education technology company 2U, and reorganized as a public benefit company under the 2U umbrella.
The transaction is structured to ensure that edX continues in its founding mission, and features a wide array of protections for edX learners, partners, and faculty who contribute courses.
In exchange, 2U will transfer $800 million to a nonprofit organization, also led by MIT and Harvard, to explore the next generation of online education. Backed by these substantial resources, the nonprofit will focus on overcoming persistent inequities in online learning, in part through exploring how to apply artificial intelligence to enable personalized learning that responds and adapts to the style and needs of the individual learner.
Triple that $800 million number, and you have the annual total education budget of Nigeria. Depending on how you see it, Harvard and MIT have won big on online education! In 3 months, they will start another one because no company can stop them!
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