Former K12 Inc. CEO Unveils Next Venture
K12, PART DEUX? Ron Packard, former CEO and founder of K12 Inc. (the operator of virtual schools that recently rebranded as Fuel Education), and global investment firm, Safanad Limited have launched Pansophic Learning, which will operate online and traditional schools around the world. Safanad Limited owns a majority stake in this new company.
According to the release, Pansophic Learning has "immediately acquired from K12 Inc. several assets" that include "licenses to curriculum and technology" as well as a brick-and-mortar school. On its website, Pansophic currently lists the following companies:
- Capital Education: provider of online learning services for post-secondary audiences
- International School of Berne: International Baccalaureate school in Switzerland
Pansophic also plans to invest in companies that serve preK to postsecondary students around the world. It currently claims "market development rights" to build online tutoring and school programs in Middle Eastern countries.
The announcement comes at a time when Packard is under investigation for misleading investors in K12 Inc., a publicly traded company. K12 Inc. has also been scrutinized (by a hedge fund manager, no less) for delivering poor services and outcomes.