Sber is negotiating the purchase of the online schools Netology and Foxford (both are part of the TalentTech group). Analysts at Smart Ranking reported on the deal the day before. This is also known by the RB.RU source about the online education market.
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According to Smart Ranking, “Sber is closing a deal to buy the assets of TalentTech, a major player in the Netology further training program and one of the leaders in the Foxford children’s segment.” The company’s analysts estimated the transaction amount at least 7 billion rubles.
A source in the online education market confirmed to RB.RU the agreement to buy Netology, adding that “this is already a fait accompli.”
The press services of Sberbank, Netology and Foxford told RB.RU that they do not comment on this information.
Alexey Krichevsky, financial expert and author of the Telegram channel “Economism”, believes that Sber’s motive is simple: to buy market share.
“This is a complete entry into a new market and an expansion of our own ecosystem with a further increase in clients for educational companies at the expense of Sber clients,” Krichevsky told RB.RU. “Sber will increase its share in this market in one fell swoop to 7-8% compared to the current percentage.”
According to him, only the amount of the transaction raises doubts: “7 billion rubles is the total annual revenue of TalentTech. It seems that this is either an overly modest estimate, or that the bank has some kind of behind-the-scenes agreement with Mordashov.”
- According to Smart Ranking, Foxford is in 9th place in terms of revenue in 2023 – the figure was 4.3 billion rubles, Netology – 12th place with 3.1 billion rubles.
- According to Smart Ranking estimates, the total revenue of the 100 largest educational services in Russia in 2023 reached 119 billion rubles. Compared to 2022, the figure increased by 32%.
- Netology appeared in 2011, in 2014 it merged with the Foxford online school, and in September 2014 the educational holding company Netology Group was created. In 2017, 40% of the company was sold to the TalentTech IT holding, owned by Alexey Mordashov’s Severgroup, and then the stake increased to 85%.
- In June 2023, Severgroup was withdrawn from the founders of TT-Holding LLC, which owns 100% of Netology LLC and 93% of Foxford LLC (7% belongs to Netology Group co-founder Alexey Polovinkin). It has not currently been revealed who the ultimate owners of TT-Holding are.
Author:
Anastasia Marina
Source: RB
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