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EdTech Giant NetDragon Merges With U.S. Company in $800 Million Deal

NetDragon Websoft Holdings Limited (HKSE: 00777), a global leader in virtual learning communities based in Fuzhou, China, has completed a major merger that sees its core overseas education business gain a new identity. It merged its international edtech operations ("NetDragon Education Business") with New York-listed Gravitas Education Holdings, Inc. (GEHI). The combined company is anticipated to be valued at a sizable $800 million.

Under a new name and strategic vision focused on transforming schools through AI, the merged entity will operate as Mynd.ai, Inc. The ticker symbol for Mynd.ai officially changed on the market from "GEHI" to "MYND" to reflect the completed transaction.

Following the merger, NetDragon retains a strong 74.39% stake in Mynd.ai. The new company also takes full ownership of the subsidiaries previously running NetDragon's education businesses abroad. Prior to the deal, GEHI had shed all its other operations except for its Singapore edtech venture.

Dr. Simon Leung, who serves as Vice Chairman of NetDragon and Chairman of the Board at Mynd.ai, said the merger "marks a major milestone" for his company. "Our business is about more than just products - it's about driving real value." By spinning off its overseas education division into Mynd.ai, an independent publicly-traded entity, Dr. Leung said NetDragon can "unlock tremendous value for our shareholders while pioneering the future of education."

The executive laid out a "clear strategic vision" to transition NetDragon from an edtech hardware provider to "the leader in Classroom as a Service (CaaS)". He aims to leverage NetDragon's existing infrastructure, which connects over 1 million classrooms globally, to build "an open platform welcoming all content creators." The goal is to deliver "a full range of SaaS solutions ensuring schooling becomes seamless anywhere, anytime," he said.