 "USA's PowerSchool acquires Indian edtech firm Neverskip for undisclosed sum")
US edtech firm PowerSchool has acquired Neverskip, a Chennai-based enterprise resource planning (ERP) software company, for an undisclosed amount.
The acquisition will use Neverskip's ERP and PowerSchool's solutions to create a unified technology platform for Indian schools' operations. The acquisition will enable PowerSchool to expand its reach to more than 900 schools and 1.2 million students, said the company.
"We have the opportunity to make an immediate impact in the Indian education system and improve outcomes for nearly 250 million school-aged students," said Hardeep Gulati, chief executive officer (CEO) of PowerSchool. "Our acquisition of Neverskip is an instrumental step in our journey to provide personalised education to all."
PowerSchool said in the last two decades it has catered to over 50 million students in more than 90 countries. The company reported $630 million revenue in 2022 and is valued at $4.3 billion. It forecasts a revenue target of approximately $690 million for 2023. The brand's user-friendly Learning Management System (LMS), Schoology Learning, supports more than 60,000 schools globally.
"This step enables us to expand our solution suite and value to customers and dramatically expand our scale and reach," said Shankar Jambulingam, founder and CEO of Neverskip.
PowerSchool and Neverskip will support D.A.V Group of Schools, Ekya, Maxford, Future Kids, Manipal School, SBOA Group of Schools and other renowned names with their products. PowerSchool’s technology will provide centralised access to all administrative and learning functions. These include admissions, transport, student records, homework, assignments, examinations, report cards, and parent communication.
Apoorav Nischal, managing director and country head, PowerSchool India, said industry research says school digitisation is expected to exceed $500 million in the next five years. The scalability of the Indian ERP market in this area is expected to reach $1.04 billion by 2028. "All of this is expected to increase the need and demand for tech-powered learning solutions," said Nischal.