To further emancipate itself from its previous parent company, Pearson’s former K-12 courseware business has changed its name.
The company formerly known as Pearson K12 Learning is now called Savvas Learning Co., according to an external email reviewed by EdSurge. The company will continue to use the Pearson name until spring 2020, when it launches a rebranding initiative with its new name and logo.
“This is an exciting time for us and our employees as we build upon the rich legacy of our more than 100-year history of innovation and leadership, and create a bold new future for our next-generation learning company,” Savvas spokesman Richard Weir said in a statement to EdSurge.
He added: “While we may be changing our name, our commitment to our customers is not. We will always remain the company that educators can trust and count on for providing them the highest-quality learning solutions that give their students the best opportunity to succeed.”
The company filed for trademarks related to the Savvas name on Oct. 22., according to federal records. The name became effective Thursday, Oct. 24.
Former parent company Pearson, a giant in education publishing and assessment services, sold its K-12 courseware business in February to Nexus Capital Management, a Los Angeles-based private equity firm, about a year after Pearson announced that it wanted a buyer.
Pearson received $25 million in cash upfront with Nexus paying the remaining amount—$225 million—in three to seven years, plus a deal for future cash flow.
The business generated roughly £364 million (approximately U.S. $470 million) in revenue and about £20 million (U.S. $26 million) in profit in 2018.
