EdTech Annual Report 2025

EdTech M&A Activity Lower Middle Market

EdTech M&A by Year – Lower Middle Market (In Millions of USD)

Total Deal Size in ($M) # of Deals

The total deal value of EdTech M&A transactions in the lower middle market exceeded 2023 levels in 2024. Additionally, the number of deals closed has also surpassed the previous year's figures. Despite challenging global economic conditions, the EdTech sector has shown resilience and positive M&A activity in 2024. Key trends: • AI as a Catalyst: EdTech firms are prioritizing the integration of AI into their solutions to accelerate innovation and enhance learning experiences. These AI- powered EdTech companies are viewed as attractive investment opportunities by both traditional and strategic investors. • Focus on Learner Lifetime Value: The industry trend of extending learner lifetime value, from early childhood to continuing professional education, will drive revenue growth and M&A activity in 2025, regardless of economic conditions. • Corporate Focus on Upskilling: Large corporations are prioritizing employee reskilling and upskilling to address talent shortages and boost productivity, leading to increased demand for enterprise-focused online education solutions. The global nature of education presents significant opportunities for expansion. Education is a universal need, allowing businesses to tap into international markets and build a global customer base. Coupled with favorable economic conditions, such as low interest rates, these factors have encouraged investors and businesses to capitalize on the growth potential of the education sector.

425

331

239

238

227

$1,628

$1,881

$1,158

$509

$534

2020

2021

2022

2023

2024

M&A Volume by Quarter – Lower Middle Market (In Millions of USD)

Total Deal Size in ($M) # of Deals

121

115

108

104

86

82

77

73 73

70

68

66

63

59

58

51

48 44 44

36

Source: Pitchbook as of 31 December 2024. Deal size consists of transactions where deal value was disclosed. Note: Companies valued between $5 - $150 million were considered lower middle market. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2021 2022 2023 2024

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