BUYING TEST PREP: Varsity Tutors, a St. Louis-based provider of an online tutoring service, has acquired Veritas Prep, which provides test prep and college-admissions consulting services for students. Financial details of transaction were not announced, other than that it was an “eight-figure deal,” according to a spokesperson for Varsity Tutors.
The deal comes about a year after Varsity Tutors raised $50 million in a Series C round to fuel its expansion plans. Since its launch in 2007, the company has raised $107 million in venture funding, and currently boasts more than 600 employees, along with 40,000 tutors who cover over 1,000 academic subjects.
Veritas Prep was founded in 2002, and the Calabasas, Calif.-based company claims to have worked with more than 300,000 students. It offers a mix of live online courses, one-on-one tutoring and college-admission advisory sessions, and test-prep resources. The team will stay put and continue operations.
The marks the second acquisition for Varsity Tutors, which plans to tap Veritas’ assets and experience to begin offering live online classes. Varsity Tutors also previously purchased UK-based tutoring platform, First Tutors in 2017.
