Open English, an online English school targeting Spanish speakers, has filed confidentially for a US initial public offering, according to a person with knowledge of the matter.
The company is seeking to go public next year, though its plans could still change, said the person, who asked not to be identified because the matter was private.
Open English, which was working with financial advisers, previously explored a merger with a blank-check company before pivoting to the IPO process, Bloomberg News reported in November. Details of Open English’s operations and finances will be reported later in a public filing if it continues to pursue an IPO.
A representative for the company declined to comment.
Open English would follow a handful of other education technology providers that have gone public as demand for remote-learning tools surged with the coronavirus pandemic. Those companies include Duolingo Inc, PowerSchool Holdings Inc and Udemy Inc.
Co-founded in 2007 by Chief Executive Officer Andres Moreno in Caracas, Open English is now based in Florida with offices in Mexico, Colombia, Argentina and Brazil. It had US$77 million in revenue in 2020, with more than one million students enrolled, the company said in an earlier statement. It said it had also expanded into Europe and the Middle East.
Open English acquired Next University in 2015 and expanded into vocational classes such as web and software development, according to a statement at the time. The company was valued at US$350 million after a US$65-million Series D funding round in 2013, according to data provider PitchBook. Its investors include Insight Partners, TCV, Redpoint Ventures and Flybridge Capital Partners, that data show.
by Crystal Tse, Bloomberg