The Covid-19 pandemic caused a boom in e-learning that has increased the revenue of educational technology company Coursera.
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Coursera, an educational technology company, presented its IPO on Friday to the Securities and Exchange Commission and plans to list it on the New York Stock Exchange under the symbol “COUR.”
The Mountain View, California-based company offers people access to online courses and degrees from top universities, a business that grew during the Covid-19 pandemic.
Coursera has turned the CNBC Disruptor 50 list on several occasions and, more recently, has ranked No. 4 on the 2020 list.
The nine-year-old company earned revenue of approximately $ 293 million for the year ended December 31, 59% more than in 2019, according to the filing. Net losses expanded by approximately $ 20 million year-over-year, to $ 66.8 million in 2020.
“Our revenue increased significantly due primarily to an increase in the number of registrations during the Covid-19 pandemic,” the company’s IPO brochure stated. “Similarly, we have experienced a significant increase in our operating costs associated with our services, mainly driven by our freemium offerings and our marketing efforts. As the pandemic made remote work and learning in extend further, it is not known what impact the volume reduction -19 pandemic could have on our operating results. “
The company said it added more than 12,000 new undergraduate students during the two years ended Dec. 31, 2020 at an average acquisition cost of less than $ 2,000.
The total number of registered users grew by 65% year-on-year in 2020.
According to PitchBook data, Coursera was most recently valued at $ 2.5 billion.
The company was created by former Stanford University professors of computer science Daphne Koller and Andrew Ng. When Coursera was founded in 2012, they had both spent enough time in higher education to realize that change was to be expected and that online learning was a good way forward.
As of December 31, 2020, more than 150 universities offer more than 4,000 courses through Coursera, which offers more than two dozen degrees at prices lower than face-to-face school offerings. Depending on the brochure, a degree or master’s degree completed through Coursera can range from $ 9,000 to $ 45,000.
During the pandemic, Coursera has also partnered with more than 330 government agencies in 70 countries and 30 U.S. states and cities as part of the Coursera Workforce Recovery Initiative, which helps governments provide access to unemployed workers. free to thousands of courses for business, technology and data. scientific skills from companies like Amazon and Google.
It also offers a wide variety of education certificates and professional skills courses ranging from $ 9.99 to $ 99.
“While the impact of the ongoing Covid-19 pandemic is severe, widespread and continues to evolve, it has accelerated the need for online education. Both individuals and institutions have relied and continue to rely on learning to line to navigate change and disruption, ”states the company’s IPO brochure.
The number of shares and the price range of the proposed offer have not yet been determined. Morgan Stanley, Goldman Sachs and Citigroup are listed as the main subscribers.