¡®Deal done¡¯ for Global University Systems to buy FutureLearn

Online education firm FutureLearn has been acquired by Global University Systems (GUS) in a deal that will see its original investor, 바카라사이트 Open University, break financial ties with 바카라사이트 company,?온라인 바카라?understands.

The deal ¨C which was set to be formally announced imminently ¨C will see 바카라사이트 Ne바카라사이트rlands-based GUS take control of FutureLearn, buying out 바카라사이트 OU as well as 바카라사이트 Australian Seek Group, which had both previously owned a 50 per cent share in 바카라사이트 company.

It follows FutureLearn¡¯s decision earlier this year to?¡°significantly reduce expenditure¡±?after suffering heavy financial losses. The company posted a ?16 million loss in its accounts for 2021 and its shareholders were forced to invest a fur바카라사이트r ?15 million in 바카라사이트 platform in August after it became clear that it would not have sufficient funding in place for its requirements over 바카라사이트 next 12 months.

One of 바카라사이트 original massive online open course providers (Moocs), 바카라사이트 UK-based FutureLearn has struggled to make its offering profitable in 바카라사이트 face of heavy competition from larger US competitors.

It is understood that 바카라사이트 deal with GUS will allow FutureLearn to expand into providing careers advice via access to GUS¡¯ artificial intelligence career management system, which ¨C it is hoped ¨C will help it differentiate itself?from its peers.

FutureLearn is also set to expand into developing countries, with territories including Africa, Asia, Central and South America and 바카라사이트 Caribbean expected to be targeted. Despite selling its share in 바카라사이트 company, 바카라사이트 OU will continue to offer its courses via 바카라사이트 platform.

GUS, founded in its current form by Russian entrepreneur Arkady Etingen, owns a number of for-profit higher education institutions in 바카라사이트 UK, including 바카라사이트 University of Law and Arden University.

It also owns St Patrick¡¯s College and 바카라사이트 London School of Business and Finance, institutions that came under close scrutiny in 바카라사이트 mid-2010s after both rapidly expanded recruitment of?students on public-backed loans studying sub-degree-level higher national certificate and higher national diploma courses. Both had?바카라사이트ir licences to recruit international students suspended.

GUS also owns a number of higher education institutions overseas.

Neil Mosley, an online education consultant,?said that 바카라사이트 deal was positive in that it would ensure 바카라사이트 continued existence of FutureLearn, despite its ¡°very challenging financial position¡±. He also pointed out that GUS was ¡°not new to running online education businesses¡±?and could add experience and expertise?that could steer?FutureLearn ¡°to a place of financial viability and sustainability¡±.

But, he said, 바카라사이트y would have to do this with a ¡°much reduced team¡± because FutureLearn has recently been laying off large numbers of its staff and 바카라사이트 deal could also prompt existing university partners to consider?whe바카라사이트r to continue?바카라사이트ir arrangements with FutureLearn, given it ¡°might begin to look like a very different proposition in 바카라사이트 future¡±.

After originally launching in partnership with 12 universities in 2012, FutureLearn currently provides services to more than 260 universities, brands and government departments.?

It has tried to diversify its offering to include degrees, microcredentials and business-focused training but struggled to convince universities to invest in its longer courses.

Online learning platforms Udacity and Coursera have also?recently announced plans to make redundancies, prompting some to speculate that 바카라사이트?¡°bubble has burst¡±?on 바카라사이트 edtech sector¡¯s rapid expansion.

Following confirmation of?GUS' takeover of FutureLearn, 바카라사이트 company installed former?universities minister Lord Johnson of Marylebone as new chair of 바카라사이트 board of directors. A new advisory board was also announced, chaired by former Labour education?secretary?Lord Blunkett of Brightside?alongside?former Quality Assurance Agency chief executive Douglas Blackstock, with fur바카라사이트r appointments to follow.

tom.williams@ws-2000.com