Vasta Platform, a K-12 educational technology provider in Brazil being spun out of Cogna, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The company has developed a "Platform as a Service" with two main modules: its Content & EdTech Platform, an array of core and complementary education solutions with digital and printed content through long-term contracts with partner schools, and its Digital Platform, which unifies its partner schools' administrative ecosystems. As of March 31, 2020, its network of B2B customers consisted of 4,167 partner schools, up from 3,400 as of December 31, 2019.
The São Paulo, Brazil-based company traces its roots to 1966 and booked $193 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq but has not selected a ticker yet. Vasta Platform filed confidentially on February 20, 2020. Goldman Sachs, BofA Securities, Morgan Stanley, Itau BBA, UBS Investment Bank, and Bradesco BBI are the joint bookrunners on the deal. No pricing terms were disclosed.
