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Largest EduTech Public Companies

Benchmark revenue and EBITDA valuation multiples for public comps like
Constellation Software, Tyler Technologies, Pearson, Topicus and Graham Holdings.

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Constellation Software	Automotive Software+5	$1,917	-47%	$41B	$43B	3.5x	12.5x
Tyler Technologies	Public Sector & Non-Profit Software+2	$343	-37%	$15B	$14B	5.9x	20.8x
Pearson	Education & Training+1	$15	-9%	$9B	$10B	2.1x	9.6x
Topicus	Automotive Software+5	$75	-38%	$6B	$7B	3.5x	12.5x
Graham Holdings	Education & Training+2	$1,153	+25%	$5B	$5B	1.0x	—
Duolingo	Learning Platforms+3	$101	-74%	$5B	$4B	3.4x	12.1x
Stride	Education & Training+2	$98	-31%	$4B	$4B	1.7x	6.9x
East Buy	Education & Training+2	$4	+137%	$4B	$3B	4.2x	38.7x
COL Group	Content Production+2	$4	+33%	$3B	$3B	—	—
John Wiley & Sons	Publishing+1	$41	-6%	$2B	$3B	1.7x	6.6x
Alef Education	Education & Training+2	$0	+10%	$2B	$2B	8.4x	11.8x
Blackbaud	Public Sector & Non-Profit Software+1	$39	-36%	$2B	$3B	2.5x	6.9x
Youdao	Education & Training+2	$11	+20%	$1B	$1B	1.6x	34.1x
Coursera	Education & Training+1	$6	-24%	$1B	$332M	0.4x	5.0x
Duolun Technology	Transportation & Logistics Software	$1	+7%	$849M	$698M	—	—
Scholastic	Publishing+1	$40	+120%	$846M	$1B	0.6x	6.9x
Udemy	Learning Platforms	$5	-26%	$739M	$391M	0.5x	4.0x
NIIT Learning Systems	Education & Training+2	$4	-13%	$486M	$383M	1.8x	8.8x
Gaotu Techedu	Education & Training+1	$2	-36%	$480M	$81M	0.1x	(2.1x)
Docebo	Learning Platforms+1	$17	-47%	$431M	$360M	1.4x	7.7x
Jiangsu Chuanzhiboke	Education & Training+1	$1	+22%	$376M	$310M	—	—
D2L	Education Software	$7	-29%	$360M	$252M	1.1x	7.6x
MegaStudyEdu	Education & Training+1	$30	-8%	$313M	$273M	0.4x	2.0x
Fenbi	Education & Training+1	$0	-54%	$285M	$115M	0.3x	2.4x
Tribal Group	Education Software	$1	+26%	$150M	$136M	1.1x	5.8x
51 Talk	Education & Training+2	$24	+31%	$141M	$105M	—	—
I-Scream Media	Education & Training+2	$11	+3%	$138M	$72M	—	—
RM plc	Education Software	$1	-5%	$125M	$214M	1.0x	9.2x
Chegg	Education & Training+1	$1	+44%	$117M	$114M	0.3x	2.0x
Nerdy	Consumer Marketplaces+3	$1	-41%	$117M	$89M	0.5x	(6.9x)
ReadyTech	Education Software+1	$1	-42%	$106M	$139M	1.6x	5.4x
iHuman	Education & Training+1	$2	-20%	$87M	($80M)	—	—
Thinkific Labs	Education Software	$1	-40%	$69M	$20M	0.3x	6.9x
Sylogist	Public Sector & Non-Profit Software+1	$3	-54%	$67M	$75M	1.6x	11.3x
Skolon	Education & Training+1	$2	-33%	$62M	$59M	2.4x	84.6x
Skillsoft	Education & Training+2	$7	-64%	$60M	$546M	1.1x	5.0x
3P Learning	Education & Training+1	$0	-57%	$54M	$52M	0.7x	5.1x
FLOWSPARKS	Education & Training+2	$25	+20%	$53M	$50M	—	—
DAY1	Education Software+1	$3	-26%	$47M	$27M	—	—
Jinxin Technology Holding Co.	Education Software	$1	-84%	$43M	$30M	—	—
Reskill	Education & Training	$17	-19%	$35M	$30M	—	—
Yeb Net	Education & Training+1	$2	-30%	$31M	$14M	—	—
YXT.com	Education Software	$1	+1%	$31M	$36M	—	—
Globee	Education & Training+1	$5	-11%	$23M	$16M	1.5x	—
Janison	Education Software	$0	-27%	$22M	$13M	0.4x	8.8x
RareJob	Education & Training+2	$2	-30%	$18M	$15M	—	—
17 Education & Technology	Learning Platforms	$2	+12%	$18M	($40M)	—	—
123Fahrschule	Education Software	$3	-27%	$17M	$23M	0.8x	(45.4x)
Shape Robotics	Education Software+1	$1	-60%	$15M	$44M	—	—
NetClass Technology	Education Software	$0	-97%	$13M	$14M	—	—
eEducation Albert	Education Software+2	$0	+31%	$12M	$8M	0.5x	(28.0x)
One-On-One Educational	Education & Training+1	$0	--	$12M	$12M	—	—
Flier Inc	Consumer Apps+1	$3	-48%	$9M	$10M	1.4x	33.6x
DTCOM - Direct to Company	Education Software	$1	--	$6M	$5M	—	—
zSpace	VR & AR+2	$0	-99%	$2M	$19M	0.7x	(1.8x)
Rapid Line	Learning Platforms	$0	-83%	$400K	$411K	—	—