Conexus partners with Verdane to accelerate international growth
Oslo — Norwegian ed-tech leader Conexus’ e-learning solutions are already part of the Singaporean school day. By partnering with Verdane Capital X (“Verdane”), the company plans to accelerate its continued international expansion.
Founded in 2001, Conexus has developed into a leading provider of digital learning platforms to the Norwegian school sector, used by thousands of schools and more than one million students worldwide. The company’s solutions facilitate deeper learning among students, making it easier for them to gradually and over time develop their understanding of concepts and contexts within a subject, in addition to facilitating improved learning dialogues between teachers, students and parents.
Structured learning starts at school, but up- and re-skilling are turning into a lifelong adventure. Conexus’ digital learning platform caters to the needs of employers looking for digital competence management solutions, and employees in need of training and development to meet continuously changing skill requirements.
Conexus taps into a global education technology market which, according to EdTechXGlobal, is growing 17% annually and is expected to reach USD 252 billion in 2020, and a learning analytics market expected by Gartner to grow by 26% annually to reach USD 8.3 billion in 2023. Conexus has already taken its first steps internationally, and in November 2018, the company secured two contracts in Singapore. By partnering with Verdane the company plans to kick-off its continued international expansion.
“As a company, we were born at school but are continuously expanding our offering to meet learning and competence management needs in new pockets of the fast-growing global ed-tech market. Verdane is an experienced investor in fast-growing software and technology companies and is the perfect partner for Conexus as we continue on our journey,” says Steinar Evensen, CEO at Conexus.
“Conexus is operating in a strong structural growth trend within digitalisation of education and is one of the rising stars in the fast-growing Norwegian ed-tech cluster. We are looking forward to joining the team on its next stage of growth, by leveraging Verdane’s experience from other ed-tech investments such as dyslexia aid software company Lingit, and expertise in growing software and technology enabled companies,” comments Johnny Rindahl, partner at Verdane.
In the transaction, Verdane acquires Ströer Venture GmbH’s shares and shares from other owners, resulting in an ownership of around 80%. Further financial details were not disclosed.
As a company, we were born at school but are continuously expanding our offering to meet learning and competence management needs in new pockets of the fast-growing global ed-tech market. Verdane is an experienced investor in fast-growing software and technology companies and is the perfect partner for Conexus as we continue on our journey.
Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both minority and majority investments in individual companies and portfolios. Verdane funds act as ambitious, active, and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s proven track record in driving business value for technology-enabled companies. Verdane funds’ current portfolio includes EasyPark, inRiver, HR Manager/Webcruiter, Lingit and Freespee. Verdane Advisory Group has 39 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com
Conexus is one the leading Norwegian EdTech companies and supplier of systems for student follow-up to 90% of the primary and lower secondary schools in Norway. In addition, the company has developed systems such as the National Student Survey and the national reporting system BASIL to all preschools in Norway. In terms of market share, Conexus is the largest EdTech supplier to the Norwegian youth sector. In recent years, the company has turned to the corporate market, in which it experiences strong growth. Conexus expects its revenue from the corporate market to exceed the revenue from the school market during 2021. The company has close to 100 employees where approximately 50% works from the head office in Drammen, Norway. For more information, please visit www.conexus.net