Online education companies Eleutian Technology and Idapted Ltd said on Wednesday that they will merge, bringing together the U.S. and Chinese companies in the fast-growing $100 billion market for online English instruction.
Backers of the new company, which will retain Eleutian's name, include Cheyenne Capital and Gobi Partners, as well as former Kleiner, Perkins partner Russell Siegelman and Xu Xiaoping, co-founder of New York-listed Chinese education company New Oriental Education & Technology Group Inc (EDU.N), Eleutian said in a statement.
The terms of the deal were not disclosed.
Under the merger, Kent Holiday will remain as president and CEO, while Idapted Cjief Executive Adrian Li will become general manager for China.
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