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2024
"Sberbank" bought the online school "Foxford"
Sberbank closed the deal to acquire the Netologiya educational platform and the Foxford online school. This became known in mid-October 2024. Read more here.
Foxford co-founder Alexei Polovinkin resigned from the founders of the company
Alexey Polovinkin, one of the founders of the online educational platform for schoolchildren "Foxford," at the end of September 2024 announced his withdrawal from the founders of the company. This decision is the logical conclusion of Polovinkin's many years of cooperation with the project, which he began in 2009.
According to RB.ru, Polovinkin said that several years ago he had already stopped operating the company, and now he has finally left the founders. The entrepreneur noted that financially he is not fully satisfied with the result, but from the point of view of his newfound freedom, he assesses the situation positively.
According to Polovinkin, in June 2024, he sold his stake in Foxford at about the same price at which he acquired it in the fall of 2022. He did not disclose the exact amount of the deal, citing a non-disclosure agreement.
In parallel with the release from Foxford, Polovinkin announced the launch of a new project called Digital. The legal entity of the new service - Digital Education LLC - was created on July 14, 2020. In 2023, the company's revenue increased by 163% compared to the previous year and amounted to ₽552,8 million, and net profit reached ₽1,8 million.
In April 2024, there were reports of Sberbank's plans to acquire Netology and Foxford from TalentTech. Analysts estimated the potential deal at ₽7 billion.
According to the Smart Ranking rating, Foxford took seventh place among the largest EdTech companies in Russia in the second quarter of 2024.
2009-2023
The history of Foxford began in 2009, when Polovinkin launched the first online courses for children. In 2014, the project merged with Netologia, forming the Netologia Group holding. In 2017, 40% of the combined holding was sold to TalentTech IT holding, owned by Severgroup Alexei Mordashov. TalentTech's share subsequently increased to 85%.
In June 2023, Severgroup withdrew from the founders of TT-Holding LLC, which owns 100% of Netologiya LLC and 93% of Foxford LLC[1]
Notes
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