Paragin is a provider of software for the development of competencies, knowledge and talent in corporations of all sizes and educational institutions. The company offers smart products that each support a specific element of the development process of the user, including software for assessments, examinations and certifications with its RemindoToets product, career development, and e-portfolios.
Paragin claims that its products are user-friendly, efficient and visually appealing solutions, which are suitable for domestic and international clients. The company has more than 30 employees.
Jeroen Bakker, CEO at Paragin, says, “For many years, SOWISO has been a front runner in mathematics-related learning and assessments. We are thrilled to embark on the next chapter of exciting growth together with SOWISO. There is much to be learned from each other in how we best serve our respective international customer bases. We also share many core values. First and foremost, we both always seek to act in the best interests of the student.”
“With a combined product proposition, we can truly offer tremendous value for our customers and look forward to unearthing new ways to add even greater value together,” adds Bakker.
What does SOWISO offer?
Amsterdam-based SOWISO was founded as a spin-off from the Technical University of Eindhoven and is known for its e-learning platform that focuses on educational subject matter including science, technology, engineering, and mathematics. The platform was created by software developers and authors of mathematical learning programmes.
SOWISO identifies and integrates complex mathematical problems into a user-friendly software environment. After the completion of digital courses on the learning platform, students can get real-time personalised feedback on their answers, to accelerate their mathematical skills, development, and understanding.
Besides, the company also offers standardised and secure online admissions tests called OMPTs (Online Mathematics Placement Tests), which students can use to demonstrate their math proficiency to colleges and universities across the world. This also means that international students no longer have to travel the globe to complete their admission processes.
Currently, with 30 employees based in the Science Park in Amsterdam, SOWISO serves a customer base of over 50 universities and educational publishers spread across the globe.
Aim of this partnership
The combination of Paragin and SOWISO represents the first add-on acquisition for the buy-and-build strategy of the edtech group since Paragin started its collaboration with Main Capital Partners in 2021. The aim is to build Paragin into a pan-European market leader that optimises the ability of its customers to map, develop and assess the knowledge, skills, and competencies of its users.
Paragin and SOWISO aim to form an international leader for assessment and examination software covering multiple vocations and higher education sectors. In addition to its existing position as a market leader in the Netherlands, the Group has developed a growing international client network, servicing nearly 200 organisations across the Benelux, Nordics, UK, and APAC regions.
Speaking about Paragin, Marc Habbema, CEO at SOWISO, says, “In Paragin, we have secured a partner who shares our values and our vision for putting the student first in all we do. We will combine our innovative solutions to further support the needs of the educational landscape. We felt a true connection with the Paragin management team from the beginning of this process and we are very excited about this partnership moving forward.”
Collaboration backed by Main Capital Partners
This collaboration is backed by software investor Main Capital Partners. It is a software investor in the Benelux, DACH and the Nordics. The firm has almost 20 years of experience in strengthening software companies and works closely with the management teams of its portfolio companies as a strategic partner.
As of October 2021, Main has over €2.2B of assets under management and has invested in more than 130 software companies to date.
Sjoerd Aarts, Investment Manager at Main and Chair of the Supervisory Board for Paragin, says, “We view edtech as an exciting and dynamic market segment, expected to grow by around 20 per cent per year as multiple vendors continue to find new and innovative ways to digitise and automate education. With Paragin, we are building a Group that optimally positions its clients to fulfil the ever-growing need to carefully map and organise the development of people and the youth of today.”