NetDragon Websoft Holdings Limited (“NetDragon” or “the Company”, Hong Kong Stock Code: 777), a global leader in building internet communities, is pleased to announce that its subsidiary, Promethean, a leading global education technology company, has acquired substantially all of the assets of Explain Everything, a leading digital whiteboard platform for creating engaging lessons, activities, and interactive presentations. Through the strategic acquisition, Promethean is expected to add to its product portfolio a revenue-generating application tool that addresses one of the most common use cases of its customers. This acquisition will also support the development of new and better solutions that would address teaching, learning, and collaboration needs, and ultimately enable the scaling of future software subscription revenue stream.
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. The integration of Explain Everything’s digital whiteboard platform and operating team will allow both companies to build upon their respective visions in edtech and beyond, helping customers to get the most from cutting-edge technologies through new product offerings, alliances, and partnerships.
“As technology evolves, Promethean continues to look to the future to provide the best solutions that would transform learning experiences. Joining the Explain Everything team with ours is part of our commitment to continuously innovate and work towards providing a superior interactive experience from anywhere,” said Vin Riera, chief executive officer at Promethean. “This exciting opportunity and new relationship for both companies will allow us to expand our already robust offerings to better serve customers’ needs.”
“We’re thrilled to now be part of the Promethean team,” said Reshan Richards, co-founder and chief executive officer at Explain Everything. “Explain Everything’s mission to impact teaching and learning in all settings is in perfect alignment with Promethean’s more than 25 years of education technology leadership. Together, we will continue to provide the most effective interactive learning tools for students and teachers around the world.”