NetDragon Websoft

Promethean Set to Operate as a Standalone Company with New Merger Agreement

Retrieved on: 
Wednesday, April 19, 2023
Educational technology, Learning, Education, NetDragon Websoft, Student, Artificial intelligence, NYSE, Software, Retail, Management, Q3, Promethean, AI

SEATTLE, April 19, 2023 /PRNewswire/ -- Promethean, a leading global education technology company, announced today that its parent company, NetDragon Websoft Holdings Limited, has approved a plan and entered into the related agreements to spin off the Promethean group of entities into a separate company that will subsequently merge with Gravitas Education Holdings, Inc., a public company.

Key Points: 
  • Following the merger, expected to be completed in Q3, Promethean will benefit from operating as a standalone company separate from NetDragon, listed on the NYSE, with a distinct board and management team of world-class leaders focused on driving shareholder value.
  • The new holding company will be renamed to MYND.AI at the transaction's closing to reflect the new brand and the company's direction to pursue the transformation of artificial intelligence (AI) in education.
  • Merging with Gravitas Education Holdings, Inc. (NYSE: GEHI) will enable the company to grow its global education business sustainably and further the development of new innovative technologies like AI.
  • Promethean has expanded its product offerings to include software and AI in the past year.

NetDragon announces signing of Merger Agreement to Spinoff Overseas Education Business for listing on NYSE

Retrieved on: 
Tuesday, April 18, 2023
Learning, Education, Internet, NetDragon Websoft, Student, Artificial intelligence, NYSE, Management, AI

HONG KONG, April 18, 2023 /PRNewswire/ -- NetDragon Websoft Holdings Limited ("NetDragon" or the "Company"; Hong Kong Stock Code: 777), a global leader in building internet communities, today announced that it has signed a merger agreement with Gravitas Education Holdings Inc. ("GEHI"), an NYSE listed company, whereby NetDragon, through its subsidiary, will merge its core overseas education business ( "NetDragon Education Business") with GEHI at a valuation of US$750 million for the NetDragon Education Business and US$800 million for the merged entity.

Key Points: 
  • HONG KONG, April 18, 2023 /PRNewswire/ -- NetDragon Websoft Holdings Limited ("NetDragon" or the "Company"; Hong Kong Stock Code: 777), a global leader in building internet communities, today announced that it has signed a merger agreement with Gravitas Education Holdings Inc. ("GEHI"), an NYSE listed company, whereby NetDragon, through its subsidiary, will merge its core overseas education business ( "NetDragon Education Business") with GEHI at a valuation of US$750 million for the NetDragon Education Business and US$800 million for the merged entity.
  • NetDragon will hold 72.9% of the issued share capital of GEHI, which in turn will own 100% of the subsidiaries that operate the NetDragon Education Business.
  • GEHI will have divested all of its existing businesses except for its Singapore education business, which is profitable and expected to continue to generate stable cashflow.
  • The spinoff of the NetDragon Education Business will provide a suitable platform to enable greater strategic and operational focus, while unlocking value as an NYSE listed company.

GEHI Announces Acquisition of eLMTree and Divestiture of its PRC Business

Retrieved on: 
Tuesday, April 18, 2023
Online, Slate, Communication, Cayman, Okapi BM25, NetDragon Websoft, Tripura Merger Agreement, K-12, Acquisition, Report of the Special Committee on the Termination of the National Emergency, ND, NYSE, Transaction document, Transaction, Skadden, Arps, Slate, Meagher & Flom, Effectiveness, Growth, Douglas F3D Skyknight, Virgin Islands, Parent, Committee, Ministry, HKEX, SPA, ACP, Equity value, British Virgin Islands, Education, School, Student, Security (finance), PRC, Divestment, Edmodo, Closing, Sale, Promethean, Mergers and acquisitions

It's contemplated that Best Assistant will form a Cayman Islands exempted company limited by shares ("eLMTree") as its wholly owned subsidiary and transfer the education business of NetDragon outside of the PRC to eLMTree.

Key Points: 
  • It's contemplated that Best Assistant will form a Cayman Islands exempted company limited by shares ("eLMTree") as its wholly owned subsidiary and transfer the education business of NetDragon outside of the PRC to eLMTree.
  • Pursuant to Divestiture Agreement, immediately prior to the Closing, the Company will transfer all its education business in China to the Divestiture Purchaser (the "Divestiture") at a consideration of US$15 million (the "Divestiture Consideration").
  • Upon completion of the Divestiture, the Company will cease to operate any education business in China.
  • eLMTree is expected to comprise the non-PRC education business operated by NetDragon, including through the following subsidiaries (i) Promethean World Limited ("Promethean"); (ii) Edmodo, LLC.

NetDragon Announces 2022 Annual Financial Results

Retrieved on: 
Monday, March 27, 2023
Online, Metaverse, Neopets, Eastern Time Zone, NetDragon Websoft, Eudaemon (mythology), Oath, ACU, Acquisition, COVID-19, AAA, GBP, National Center for the Middle Market, Gameplay, ASP, Teaching, APA, USD, Language, Yoy, Growth, Longevity, Asset, Learning, Ministry, IMO, Webcast, Depreciation, RMB, Software as a service, Partnership, SG, Science and technology in Asia, Bank statement, Intelligence, IDG Capital, PC, Educational technology, DAU, Conquer, Uranium mining, Video game, Promethean, Education

HONG KONG, March 27, 2023 /PRNewswire/ -- NetDragon Websoft Holdings Limited ("NetDragon" or the "Company"; Hong Kong Stock Code: 777), a global leader in building internet communities, today announced its financial results for fiscal year 2022. NetDragon's management team will hold a conference call and webcast at 10:00am Hong Kong time on March 28, 2023, to discuss the results and recent business developments.

Key Points: 
  • [3]To supplement the consolidated results of the Company prepared in accordance with HKFRSs, the use of non-GAAP measures is provided solely to enhance the overall understanding of the Company's current financial performance.
  • This acquisition will also support the development of new and better solutions that would address teaching, learning, and collaboration needs.
  • In Egypt, the Company secured an order of 94,000 Promethean panels from the Ministry of Education in the first quarter of 2022.
  • Overseas gaming revenue as a percentage of total gaming revenue also increased consecutively for 5 years to 15.7% in 2022.

Promethean Continues to be the Global Leader for Interactive Displays in Q4 2022

Retrieved on: 
Monday, March 6, 2023
School, NetDragon Websoft, Internet, Education, United Kingdom, Symphony, EVP, Promethean, Tutoring

In the United States, Promethean captured 30.8% market share of K-12 sector volume in 2022.

Key Points: 
  • In the United States, Promethean captured 30.8% market share of K-12 sector volume in 2022.
  • Both products are designed to help busy, overworked teachers create seamless workflows, deliver engaging and interactive lessons, and experience greater mobility.
  • We're also looking forward to establishing ourselves as leaders in the corporate market with our newly launched ActivPanel 9 Pro."
  • "ActivPanel 9 Pro is designed to enhance collaboration, facilitate deeper connections, and promote productivity - for both in-person and remote team members."

Neopets Raise $4M From Web3 Leaders To Bring 90s Classic to the Metaverse

Retrieved on: 
Thursday, January 19, 2023
News, Investment, Name, Sid Meier's Alpha Centauri, NetDragon Websoft, Classic, IDG Capital, P2E, Neopets, Magic, Growth, NFT, IP, Blockchain, Video game, Cryptocurrency, Metaverse

HONG KONG, Jan. 18, 2023 /PRNewswire/ -- Neopets Metaverse is pleased to announce the successful closing of its latest investment round, where it raised $4M in funding. This round saw participation from industry leaders in the gaming and blockchain sectors, including Polygon Ventures, Blizzard Avalanche Ecosystem Fund, Hashkey Capital, IDG Capital, and gaming giant, NetDragon Websoft.

Key Points: 
  • The IP's most recent project, Neopets Metaverse, aims to bring the highly appreciated virtual pet game into the decentralized world, offering players the opportunity to own and monetize their gaming experiences on the blockchain.
  • "We are thrilled to garner such strong support from our investors," said Neopets Meta Chief Metaverse Officer, Dominic.
  • The Alpha: Winter Edition is now available on the Neopets Metaverse website and will run until January 31, 2023.
  • The company looks forward to working with its investors and the broader Game-Fi community to make Neopets Metaverse a reality.

Neopets Raise $4M From Web3 Leaders To Bring 90s Classic to the Metaverse

Retrieved on: 
Thursday, January 19, 2023
News, Investment, Name, Sid Meier's Alpha Centauri, NetDragon Websoft, Classic, IDG Capital, P2E, Neopets, Magic, Growth, NFT, IP, Blockchain, Video game, Cryptocurrency, Metaverse

HONG KONG, Jan. 19, 2023 /PRNewswire/ -- Neopets Metaverse is pleased to announce the successful closing of its latest investment round, where it raised $4M in funding. This round saw participation from industry leaders in the gaming and blockchain sectors, including Polygon Ventures, Blizzard Avalanche Ecosystem Fund, Hashkey Capital, IDG Capital, and gaming giant, NetDragon Websoft.

Key Points: 
  • The IP's most recent project, Neopets Metaverse, aims to bring the highly appreciated virtual pet game into the decentralized world, offering players the opportunity to own and monetize their gaming experiences on the blockchain.
  • "We are thrilled to garner such strong support from our investors," said Neopets Meta Chief Metaverse Officer, Dominic.
  • The Alpha: Winter Edition is now available on the Neopets Metaverse website and will run until January 31, 2023.
  • The company looks forward to working with its investors and the broader Game-Fi community to make Neopets Metaverse a reality.

NetDragon Subsidiary JumpStart Successfully Launches New Match-3 Game, Neopets: Faerie's Hope

Retrieved on: 
Tuesday, December 20, 2022
Online, JumpStart Games, Organization, Internet, Family, History, Fairyland, School, Smartphone, JumpStart, Neopets, HKSE, Oath, Parent, Common Sense Media, NetDragon Websoft, Toy, Video game

Neopets fans in the U.S., Canada, U.K., France, and Germany can dive into a captivating Neopian world full of intriguing characters, daring adventures, and compelling storylines.

Key Points: 
  • Neopets fans in the U.S., Canada, U.K., France, and Germany can dive into a captivating Neopian world full of intriguing characters, daring adventures, and compelling storylines.
  • For over 20 years, Jumpstart Games has produced high quality products that are engaging, social, creative, and, most importantly, fun!
  • JumpStart builds mobile, web and console games and experiences under its flagship brands - JumpStart®, Jumpstart Academy®, School of Dragons®, Neopets® and Math Blaster®.
  • JumpStart is a subsidiary of NetDragon, a global leader in building internet communities, and is based in Los Angeles, California.

NEOPETS LAUNCHES FAERIE'S HOPE!

Retrieved on: 
Thursday, December 15, 2022
Online, NetDragon Websoft, School, Smartphone, JumpStart, Jumpstart Academy Africa, Internet, How to Train Your Dragon, Neopets, JumpStart Games, Family, Parent, History, HKSE, Multimedia, Math Blaster!, Common Sense Media, Organization, Video game

JumpStart Games is the leader in creating interactive family experiences that enrich, entertain and educate.

Key Points: 
  • JumpStart Games is the leader in creating interactive family experiences that enrich, entertain and educate.
  • For over 20 years, Jumpstart Games has produced high quality products that are engaging, social, creative, and, most importantly, fun!
  • JumpStart builds mobile, web and console games and experiences under its flagship brands - JumpStart, Jumpstart Academy, School of Dragons, Neopets and Math Blaster.
  • JumpStart is a subsidiary of NetDragon, a global leader in building internet communities, and is based in Los Angeles, California.

NetDragon's Promethean Acquires Explain Everything to Drive Transformational Collaboration and Learning Experiences

Retrieved on: 
Friday, December 2, 2022
Online, Learning, Student, History, Smartphone, App Store (iOS/iPadOS), Apple, Oath, Multimedia, Acquisition, NetDragon Websoft, Education, Internet, HKSE, Tutoring, Management, Explanation, Promethean

The Explain Everything app, available on all mobile platforms, provides users with an infinite canvas to draw, animate, create videos, and collaborate.

Key Points: 
  • The Explain Everything app, available on all mobile platforms, provides users with an infinite canvas to draw, animate, create videos, and collaborate.
  • With the new acquisition, Promethean will merge the existing Explain Everything team and platform into its standing operations and portfolio.
  • "As technology evolves, Promethean continues to look to the future to provide the best solutions that would transform learning experiences.
  • "We're thrilled to now be part of the Promethean team," said Reshan Richards, co-founder and chief executive officer at Explain Everything.