International EduConnect Technologies Company: Difference between revisions
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| Public | |
| Traded as | PSE: IETC |
| Industry | Education |
| Founded | June 15, 2007 |
| Founder | Piero Ferrari Eli Hardman |
| Headquarters | Dakos, Belhavia |
Area served | Worldwide (primarily Belhavia) |
Key people | Eli Hardman (President; CEO) Giacomo Albino (Chairman of the Board) Geno Cantellini (General Counsel) |
| Products | Educational services Consumer electronics Student loans |
| Services | Higher education Consulting Test preparation |
| Revenue |  $4.8 billion (FY 2015) |
| $2.45 billion (2015) | |
| $3.2 billion (2015) | |
| Total assets | $1.73 billion (2015) |
| Total equity |  $5.97 billion (2015) |
Number of employees | 7,431 (2015) |
International EduConnect Technologies Company (commonly referred to as IECTC or stylized as EduConTech) is a Belhavian educational services and technology company. The company owns two for-profit private colleges, provides higher education programs, professional training courses, test preparation materials, student loans, and other services and products for various levels of education.
It was started as a profitable vehicle for education reform in Belhavia's private education system, a cause of its cofounders Piero Ferrari and Eli Hardman.
Operations
It is based in Dakos, Belhavia. The company has several divisions:
- Educational Services Division
- Student Loans Division
- Test Preparation Division
- Consumer Educational Electronics Division
Subsidiaries and Affiliates
List of assets of IECTC
Products and Services
Products
- Educational services: A variety of professional, preprofessional, and secondary educational training, programs, courses, and related fields.
- Consumer electronics: Calculators, educational apps, smartboards, and other educational electrnoic devices and platforms.
- Student loans: Student loan options for eligible enrollees for the undergraduate, graduate, and postgraduate educational levels.
Services
- Higher education: A range of programs, institutions, and services for higher education.
- Consulting: IECTC consults with numerous educational institutions and organizations on cutting-edge educational tools, services, practices, technologies, and advances.
- Test preparation services: Test preparatory programs for various levels of testing at all post-secondary educational tiers.
Controversies and Public Image
Co-Founders' Control
The company has become well-known for the tight executive and managerial control its two co-founders, Piero Ferrari and Eli Hardman, exercise over the educational firm. Ferrari was CEO and Hardman served as President and Chairman of the Board of Directors from its founding until Ferrari's leave of absence to serve as the Belhavian Chief Education Commissioner under President Eli Goldman in January 2014; at that point, the pair reshuffled the leadership team, which Hardman becoming CEO and staying President and Giacomo Albino, the brother of Ferrari's wife, Marietta, ascending to Chairman of the Board.
Geno Cantellini is a lawyer and banking executive close with both Ferrari and Hardman, and was installed as both General Counsel and an inside director on the Board to ensure "family control" over the company.
Ferrari and Hardman are the majority shareholders, controlling 52.3% of voting common stock shares.
Becoming a Public Company
When IECTC was founded in mid-2007, it was a privately-held company. By 2011, minority shareholders were intensely pressuring the Ferrari/Hardman-controlled board of directors to "go public" and list the company as a publicly-held company to increase shareholder value through the issuing of more liquid stock and bond issues.
Ferrari and Hardman and their allies controlling the board continued to holdout, fearing a risk of hostile takeovers by industry competitors if they became a publicly-traded company. In February 2012, they agreed to have the company go public but orchestrated a series of holding companies under their control to buy enough voting common stock issues to maintain a majority of equity and prevent a hostile takeover.