ATA Announces its Subsidiary Entered Into a Strategic Investment Agreement with MOOC-CN Investment
February 23 2017 - 8:00AM
ATA Inc. ("ATA" or the "Company") (Nasdaq:ATAI), a
leading provider of advanced testing technologies and
testing-related services in China, today announced that the
Company’s assessment business subsidiary, ATA Learning Data &
Technology (Beijing) Limited (“
ATA Learning Data &
Technology”), had entered into an Investment Agreement
(“
Agreement”) with MOOC-CN Investment.
Pursuant to the Agreement, MOOC-CN Investment,
together with the founder of MOOC-CN Investment as strategic
investors, will invest RMB34.0 million (approximately US$4.9
million at current foreign exchange rate) into ATA Learning
Data & Technology, which accounts for 20% of ATA Learning Data
& Technology’s total shareholdings upon the closing of the
investment, of which MOOC-CN Investment and its founder will each
hold 18% and 2%, respectively. Upon the closing of the investment,
ATA will own 56% of the shareholdings of ATA Learning Data &
Technology, and the remaining 24% has been reserved as employee
option pool for future incentive issuance to ATA Learning Data
& Technology’s employees, directors, officers and consultants.
The Company intends to use the proceeds from this strategic
investment for, and work together with the strategic investors to
continue to focus on, the development of education assessment
instruments and contents.
ATA continues to explore growth opportunities in
the K-12 education assessment market by leveraging the Company’s
core competencies in psychometric expertise and testing
technologies.
Mr. Kevin Ma, ATA’s Chairman and Chief Executive
Officer, stated, “We are pleased and welcome MOOC-CN Investment as
our strategic partner for ATA Learning Data & Technology. It
reflects the recognition of our dedication and technological edge
in the education assessment sector. We are confident that
partnering with MOOC-CN Investment and leveraging its resources and
influence will greatly accelerate the expansion of ATA Learning
Data & Technology into public schools across China in the
future. We strongly believe that this strategic investment can
fulfill ATA Learning Data & Technology’s business development
and brand building needs at this stage.”
About MOOC-CN
InvestmentMOOC-CN Investment is a venture capital fund
initiated by MOOC-CN education focusing on the online education
sector, with Tsinghua Holding and MOOC-CN Education as its anchor
investors. Among its limited partners are numerous companies and
funds with extensive experiences and resources in the education
industry. MOOC-CN Investment is committed to leverage the power of
capital, and maximizing the advantages of these resources, so as to
nurture the rapid growth of the invested companies and build an
eco-system for online education.
About ATA Learning Data &
Technology (Beijing) LimitedATA Learning Data &
Technology (Beijing) Limited is a leading professional third-party
education assessment company providing formative and diagnostic
assessment services for primary schools, secondary schools and
Education Commissions at all levels, and a service provider of
enrollment selection services for colleges and universities. ATA
Learning Data & Technology (Beijing) Limited was formerly known
as Beijing Jindixin Software Technology Limited, which was acquired
by the Company in February 2009. In April 2016, the Company
restructured Beijing Jindixin Software Technology Limited and
changed its company name to ATA Learning Data & Technology
(Beijing) Limited.
About ATA Inc.ATA is a leading provider of
advanced testing technologies in China. The Company offers
comprehensive services for the creation and delivery of assessments
based on its proprietary testing technologies and test delivery
platform. ATA’s testing technologies are used for professional
licensure and certification tests in various industries, including
information technology services, banking, teaching, asset
management, insurance, and accounting. As of September 30, 2016,
ATA's test center network comprised 3,154 authorized test centers
located throughout China. The Company believes that it has the
largest test center network of any commercial testing service
provider in China.
ATA has delivered more than 80.7 million
billable tests since ATA started operations in 1999. For more
information, please visit ATA’s website at www.atai.net.cn.
Cautionary Note Regarding Forward-looking
StatementsThis announcement contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terms such as "believe," "expect," "future,"
"will," and similar terms. These forward-looking statements involve
known and unknown risks and uncertainties and are based on current
expectations, assumptions, estimates, and projections about both
ATA and ATA Learning Data & Technology as well as the
markets in which they operate. The Company undertakes no obligation
to update forward-looking statements, except as may be required by
law. The Company cannot assure you that its expectations and
assumptions will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
For more information on our company, please contact the following individuals:
At the Company
ATA Inc.
Shelly Jiang, Interim CFO
+86 10 6518 1122 x 5500
jiangyan@atai.net.cn
Investor Relations
The Equity Group Inc.
Carolyne Y. Sohn, Senior Associate
415-568-2255
csohn@equityny.com
Katherine Yao, Senior Associate
+86 10 6587 6435
kyao@equityny.com
Adam Prior, Senior Vice President
212-836-9606
aprior@equityny.com
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