New York Stock Exchange-listed Chinese after-school tutoring firm TAL Education has agreed to acquire English tutoring O2O (online-to-offline) company Firstleap Education for an undisclosed amount.
Founded in 2009, Firstleap provides all-subject tutoring service in English in China to children aged from 2 to 15 years old through both its online platform and over 60 learning centers.
It now serves more than 20,000 students in over 20 cities in China.
"This acquisition aligns well with our vision to position TAL at the intersection of where education meets technology," says Zhang Bangxin, chairman and CEO of TAL.
Firstleap will keep its brand and will operate independently after the completion of the deal.
Beijing-based TAL has completed three venture rounds and acquisitions in the past two years.
In June, TAL led a US$100 million series C round in Shanghai-based online education service app maker Changingedu.
In December 2014, TAL led a US$20 million series C round in Beijing-based technology and science online community Guokr.com.
In January 2014, TAL acquired a minority stake of Chinese pregnancy and parenting portal operator Babytree Inc. for US$23.5 million.