The private convertible securities to be issued to Ascendent can be converted into the ordinary shares of NetDragon's education subsidiary at a valuation of USD 1.35 billion, and this strategic investment is part of the broader collaboration between NetDragon and Ascendent, an institutional investor with extensive experience and active investments in the Greater China education sector. In recent years, NetDragon has emerged as a global leader within the education technology market. In addition to servicing educators and school districts in China with its unique offerings including the award-winning 101 Education PPT application and smart classroom solutions, the Company has also become a global platform with its acquisitions of Promethean, Edmodo and JumpStart, all of which are leading players in their respective business segments. Collectively, the platform has more than 13 million monthly active users and over 100 million registered users world-wide.