NetDragon Websoft Holdings Limited (“NetDragon” or the “Company”; Hong Kong Stock Code: 777), a global leader in building internet communities, announced that Edmodo, its subsidiary, has decided to shut down its free B2C version (Edmodo.com) with effect from 22 September 2022 to focus its resources in pursuing revenue-producing country rollout B2G opportunities with the popular learning platform[1].
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While Edmodo.com has been one of the most widely-used free learning communities and has been loved and used by millions of teachers, students and parents around the world, Edmodo has in recent years made significant progress in discussions to roll out a similar B2G based platform in multiple countries[1], including Egypt, Thailand and Ghana, as part of the Company’s strategy to provide best-in-class blended learning solutions. The shutdown of the free B2C platform (Edmodo.com) will allow the Company to focus its effort in better optimizing the B2G platform to fit the needs of the different countries, ultimately creating value for users that will be consistent with the blended learning vision of the Company. In addition, the Company expects to realize substantial savings in operating cost, which will accelerate the path to reaching operating profitability of its education business.
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