Open English, an online English school targeting Spanish speakers, has confidentially filed for an initial public offering in the United States, according to a person with knowledge of the matter.
The company is looking to go public next year, although its plans may still change, said the person, who asked not to be identified because the case was private.
Open English, which worked with financial advisers, had previously explored a merger with a blank check company before going through the IPO process, Bloomberg News reported in November. Details of Open English’s operations and finances will be released in a public record at a later date if it continues its IPO.
A representative for the company declined to comment.
Open English would follow a handful of other educational technology providers who have gone public as demand for distance learning tools increases with the coronavirus pandemic. These companies include Duolingo Inc, PowerSchool Holdings Inc, and Udemy Inc.
Co-founded in 2007 by CEO Andres Moreno in Caracas, Open English is now based in Florida with offices in Mexico, Colombia, Argentina and Brazil. It had revenue of $ 77 million in 2020, with more than one million students enrolled, the company said in an earlier statement. He said it had spread to Europe and the Middle East as well.
Open English acquired Next University in 2015 and expanded to include professional courses such as web and software development, according to a statement at the time. The company was valued at $ 350 million after a 2013 Series D funding round of $ 65 million, according to data provider PitchBook. Its investors include Insight Partners, TCV, Redpoint Ventures and Flybridge Capital Partners, according to the data.
by Crystal Tse, Bloomberg