The terms of the deal were not disclosed, but, according to the press release, the Veritas Prep team will remain at its Calabasas, CA office and that the product will continue on as a separate brand.
Veritas Prep launched in 2002 with a suite of test prep courses. Over the years, Veritas built out its online live classes as well as a business around admissions consulting. As Varsity Tutors focuses on geographical and product expansion, the Veritas Prep acquisition allows the company to get into live online courses (alongside one-to-one tutoring).
“Over the course of its 17 years, Veritas has built up a lot of expertise in how to deliver exceptional live online classes,” said Varsity Tutors founder and CEO Chuck Cohn. “We looked at a lot of companies out there, and we saw huge potential to really accelerate our own product development cycle by buying that expertise.”
Varsity Tutors originally launched with a platform that connected students with tutors for IRL study sessions and lessons. Over time, that product has transformed to offer fully on-demand digital lessons with tutors via live video chat, complete with whiteboard functionality, doc editing and other tools. Students can also access free online content (sans instructor) through Varsity Tutors’ Learning Tools.
Cohn says that the Live Learning platform can connect a student with a tutor and begin a session in as few as 20 seconds, and that more than 75 percent of new customers are opting for online/mobile tutoring instead of in-person.
Beyond expanding the product, Varsity Tutors is also looking to expand the number of subjects it offers to customers. Right now, the company offers more than 1000 different subjects (including traditional learning) with more than 250 subjects available for instant tutoring on the Live Learning platform.
Varsity Tutors has raised a total of $107 million from investors like Learn Capital, CZI, and TCV. This marks the company’s second acquisition, with Varsity Tutors buying First Tutors in the UK in 2018 to kickstart geographic expansion.
The 600-employee company has more than 40,000 tutors on the platform and has provided more than 4 million hours of live one-on-one instruction/tutoring since launch.
Editor’s Note: An earlier version of this article said that Varsity Tutors launched in 2011. The article has been updated for accuracy.
Source: New feed