ST Unitas Acquires the Princeton Review
During the press conference at Conrad Hotel in Seoul on the 14th, ST Unitas announced to acquire the Princeton Review.
Founded in April, 2010, ST Unitas has been well received in Korea with its subsidiary brands, such as Engdangi(English cram school) and Gongdangi(Civil Service Exam cram school), which utilize IT in education. Consequently, ST Unitas reached over 1200 employees and annual sales of $350 million (400 billion won) within 6 years.
ST Unitas is the first in the industry to develop scientific studying methods using big data that most of the 60 subsidiary brands are ranked number one in their respective divisions. With the acquisition of the Princeton Review, ST Unitas is now taking a step towards entering the global market.
Like Facebook, Uber, and Airbnb that revolutionized existing industries with the help of IT, ST Unitas is confident that its proven technical prowess topped with the Princeton Review’s brand power and wide database will lead them to become the top player in global education field.
Headquartered in New York, the Princeton Review has offered SAT/ACT prep courses both online and offline since 1981 and is deemed as the most reliable education service in the U.S. Sending more than 1.5 million students to elite colleges in 20 different countries, the Princeton Review certainly has strong brand power and global infrastructure.
ST Unitas believes the acquisition of the Princeton Review was the optimal investment decision for the company to drive the next wave of paradigm shift in education. Instead of settling in the domestic market, turning the acquisition of a global company, like the Princeton Review, to a stepping stone into the international edutech market is a new growth strategy for ST Unitas.
Sung Hyuk Yoon, the CEO of ST Unitas, said, “The fourth industrial revolution will intensify endless global competition based on various platforms. . Education market would naturally evolve to develop advanced technologies like artificial intelligence to merge knowledge and the job market. The key to success would be to take control of the global education platform. Acquiring the Princeton Review has been my dream since my 20s, and this is only the first step towards developing a global education platform. By leading a new paradigm shift in education compatible to the fourth industrial revolution phase, ST Unitas will work to narrow the gap between the rich and the poor in global education.”
– source : techforkorea