Vasta announces investment in Educbank
Summary
S\xc3O PAULO, Brazil, June 03, 2022 (GLOBE NEWSWIRE) -- Vasta Platform Limited (NASDAQ: VSTA) announces the execution of a minority investment agreement by its wholly-owned subsidiary, Somos Sistemas de Ensino S.A. (Somos), which establishes the terms and conditions for the issuance and the payment of new shares on Educbank Gest\xe3o de Pagamentos Educacionais S.A. (Educbank). The closing of the transaction is subject to certain conditions precedent, including the approval by the Brazilian antitrust authority.Educbank is the first financial ecosystem dedicated to K-12 schools, intended to expand access to quality education in Brazil, through services management and financial support to educational institutions by providing payment guaranty to school tuitions. Educbanks services complement Vastas digital services platform, which provides access to data, management tools and now working capital management, releasing time for school partners to focus on delivering education.Vasta is a leading, high-growth education company in Brazil powered by technology, providing end-to-end educational and digital solutions that cater to all needs of private schools operating in the K-12 educational segment, ultimately benefiting all of Vastas stakeholders, including students, parents, educators, administrators and private school owners. Vastas mission is to help private K-12 schools to be better and more profitable, supporting their digital transformation. Vasta believes it is uniquely positioned to help schools in Brazil undergo the process of digital transformation and bring their education skill-set to the 21st century.