Scoop: Varsity Tutors in talks to go public via TPG SPAC
Nerdy, the parent company of online learning platform Varsity Tutors, is in talks to be acquired by a SPAC affiliated with private equity giant TPG, Axios has learned from multiple sources.
Why it matters: In less than a year, SPAC acquisitions have evolved from a niche market into a widely-accepted alternative to initial public offerings (IPOs).
- Varsity Tutors, based in St. Louis, is a live learning platform that includes everything from K-5 tutoring to graduate school test prep and professional certifications.
- Nerdy has raised over $100 million in venture capital funding from firms like TCV, Learn Capital and the Chan Zuckerberg Initiative.
- The company has not returned request for comment on the deal, which has not yet been finalized.