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Laureate Education

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Laureate Education Inc
Company typePublic benefit corporation
Nasdaq: LAUR (Class A)
Russell 2000 Component
IndustryHigher education
Founded1998
FounderDouglas L. Becker
HeadquartersBaltimore, MD

Laureate Education, Inc. is a corporation based in Baltimore, Maryland, in the United States. Laureate owns and operates Laureate International Universities, with more than 150 campuses in 10 countries as of 2019.[1] The company is a public benefit corporation[2] and B Lab-certified.[3] The company is publicly traded.[4]

Laureate International Universities

See also: List of Laureate Education institutions

Laureate International Universities teach various subjects at both undergraduate and graduate level. Subjects covered by some of its colleges include design,[5] business,[6] culinary and hospitality.[7]

Laureate became a public benefit corporation[2] (PBC) in 2015 [8], certified for meeting the highest environmental and social standards.[3] In 2017, it became the first company to go public that had adopted the public benefit corporation legal structure. As of June 2020, Laureate remained the only publicly listed PBC.

Enrollment

According to Laureate, their total enrollment was 921,500 on March 31, 2019.[9]

  • Brazil: 298,300
  • Mexico: 195,800
  • Andean: 345,900
  • Rest of World: 20,800
  • Online and Partnerships: 60,700

Visits by world and business leaders

Many global business and government leaders have given speeches at Laureate International University network institutions. As of 2015, the list includes:

Corporate history

The Sylvan/Laureate Foundation was created in 1998 as a non-profit foundation to provide education, training and community support.[22] Laureate Education was founded as a company by Douglas L. Becker. It was originally created by Sylvan Learning Systems in 1998 as an operational division to focus on post-secondary institutions and called Sylvan International Universities. When the division was created, Sylvan was a public company primarily focused on educational services for students in primary and secondary education through company owned and franchise locations.[23]

The company's first investment was Spain's Universidad Europea de Madrid in 1999, quickly followed by investments in post-secondary institutions in Mexico's Universidad del Valle de México, Chile's Universidad de las Américas and Switzerland's Les Roches International School of Hotel Management and its first investment in online higher education, Walden University in the United States.[24] The Universidad Europea de Madrid purchase was for $51 million.[25]

In March 2003, Sylvan Learning Systems decided to focus exclusively on post-secondary education.[26] The company sold the K-12 business units and the Sylvan name and trademark, to a new company, Educate, Inc., formed by Apollo Management. In 2004, Sylvan changed its name to Laureate Education, Inc, to reflect the change in focus.[27] In 2007, the company was acquired by an investor group led by Douglas Becker and Citigroup Private Equity.[28][29]

Between 2007 and 2015, Laureate made 41 acquisitions with a total purchase price of about $2.0 billion.[30] According to Laureate, a key to the company's growth was its expansion into Brazil, where Laureate owned 13 institutions with a total enrollment of about 281,000 students.[30] In 2008 Universidad Tecnológica de México (UNITEC) was bought by Laureate Education, Inc. The campuses in Guadalajara and Monterrey became UVM campuses. By 2010, the company owned more than 50 institutions, both campus-based and online, in 21 countries, with a total enrollment of about 550,000 students.[31] In 2010, former U.S. President Bill Clinton became the "honorary chancellor" of the network.[32] His compensation was undisclosed at the time, but subsequent reports indicate he has earned around $16.5 million from the company.[citation needed]

In January 2013, the International Finance Corporation, a member of the World Bank Group, made a $150 million equity investment in Laureate to expand access to quality higher education in emerging markets.[33][34] Laureate also bought Brazilian for-profit university chain (Centro Universitário das Faculdades Metropolitanas Unidas (FMU) for $412 million. The chain was bought in anticipation of a growing middle-class in Brazil.[35] Coursera, a provider of massive online open courses, announced in July 2013 that it raised $43 million in investments from a group that included Laureate Education, Inc., the World Bank's investment arm, LearnCapital Venture Partners, GSV Capital and venture capitalist Yuri Milner.[36] Arizona-based Thunderbird School of Global Management announced a partnership with Laureate in March 2013 to set up a joint venture that would provide capital support to Thunderbird to open multiple international instruction sites and expand its executive education and online programs.[37] Four Thunderbird Board members resigned in protest.[38] In December 2013, Laureate announced that its shareholders elected three independent directors: Robert B. Zoellick, former World Bank president;[39] Judith Rodin, president of the Rockefeller Foundation;[40] and George Muñoz, principal of the Muñoz Investment Banking Group.[41] In 2015, Ernesto Zedillo, the former president of Mexico, was named a Presidential Counselor by Laureate.[42]


Controversies

Laureate has had schools in Turkey and Chile, even though for-profit schools are banned.[43]

In November 2018, Laureate announced that the US Department of Justice (DOJ) dropped charges for in Laureate's bribery scandal in Turkey. [44]

In Brazil, the Rio State Legislature's Investigative Commission on Private Universities issued a report criticizing for-profit colleges like Laureate for firing professors.[43] In December 2018, 150 teachers were dismissed from the Laureate Brazil network. A dozen teachers accused Laureate of corruption ranging from forged documents to using teachers in classes they were not trained for.[45]

Relationship with Bill Clinton

Though former United States President Bill Clinton's role as a chancellor of Laureate was officially described as "honorary", from 2010 until early 2015, Bill Clinton was paid just short of $16.5 million for his role as honorary chancellor, including $2.5 million in 2011, when Hillary Clinton was still Secretary of State. These numbers were disclosed in his publicly released tax returns.[46][47][48]

Students from many of the network institutions participated in the Clinton Global Initiative University, including students from Universidade Anhembi Morumbi, Universidade Potiguar, INTI International College, INTI International University, Universidad del Valle de México, Universidad Peruana de Ciencias Aplicadas, Universidad Europea de Madrid, Istanbul Bilgi University, Stamford International University, Walden University, Université Internationale de Casablanca, National Hispanic University, and Universidade Salvador.[49][50]

Clinton appeared at the Laureate Summit on Youth & Jobs at Universidad Europea de Madrid in 2013,[51] Universidad Peruana de Ciencias Aplicadas in 2013,[52] Université Internationale de Casablanca in 2013,[53] European University Cyprus in 2012,[54] Universidad del Valle de México in 2012,[55] Walden University's 2011 commencement ceremony,[56] Istanbul Bilgi University in 2010[57] and INTI International University in 2010.[58] In April 2015, Clinton ended his ties with Laureate, shortly after Hillary Clinton announced her second presidential campaign.[59]

References

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  2. ^ https://benefitcorp.net/faq
  3. ^ "To B or not to B? That's the question for companies who seek to "balance profit and purpose"". FastCompany. 2018-11-28.
  4. ^ "Laureate Goes Public". Inside Higher Ed. 2017-02-02.
  5. ^ "World's Best Design Schools: Domus Academy". BusinessWeek. Retrieved 2014-03-07.
  6. ^ "Emerging global economies: MBA programs in Latin America | QS". Top MBA. 2012-05-12. Retrieved 2014-03-07.
  7. ^ "Top 10 Hotel Management Schools". Hotel Management Asia. 2011-05-03. Archived from the original on 2014-03-08. Retrieved 2014-03-08.
  8. ^ https://www.forbes.com/sites/jaycoengilbert/2018/01/04/for-profit-higher-education-yes-like-this-please/#6ac8f7be7937. {{cite web}}: Missing or empty |title= (help)
  9. ^ "Laureate Education Reports First Quarter 2019 Financial Results". globenewswire.com. Retrieved 27 June 2019.
  10. ^ "UPES - Press Releases, Recent News | UPES PR".
  11. ^ "Charla motivacional del Presidente de Colombia Álvaro Uribe en UNITEC. | Media Monitor". Archived from the original on 27 November 2010.
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  13. ^ "Cyprus News Agency: News in English, 11-06-22". Cyprus News Agency. 2011-06-22. Retrieved 2014-03-08.
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  15. ^ "José Miguel Insulza justifica decisión de EEUU de lanzar el cuerpo de Osama Bin Laden al mar" [José Miguel Insulza justifies U.S. decision to launch the body of Osama Bin Laden at sea] (in Spanish). BioBioChile. 2011-05-03. Retrieved 2014-03-08.
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  19. ^ "Tony Blair visita la UEM de Villaviciosa de Odón" (in Spanish). envillaviciosadeodon.es. 2011-06-02. Archived from the original on 2013-12-27. Retrieved 2014-03-08.
  20. ^ "Jornal do Comércio - Tony Blair debate globalização na UniRitter nesta quarta-feira". Jcrs.uol.com.br. Retrieved 2014-03-08.
  21. ^ The National Hispanic University (2013-05-15). "Henry Cisneros, Former Secretary of HUD, Delivers NHU Commencement Address" (Press release). Yahoo Finance. Archived from the original on 2014-03-08. Retrieved 2014-03-08.
  22. ^ "Sylvan Learning Foundation | Sylvan plans nonprofit education foundation Philanthropy: Sylvan Learning Systems puts $7 million into a national foundation to improve schooling". Baltimore Sun. 1997-06-05. Retrieved 2014-03-08.
  23. ^ Honan, William H. (20 January 1999). "Sylvan Plans Overseas College Network". The New York Times.
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  26. ^ Walsh, Mark (19 March 2003). "Sylvan Learning, Changing Focus, Sells K-12 Sector". Education Week. Retrieved 22 October 2013.
  27. ^ "Sylvan Learning Renamed". New York Times. 18 May 2004. Retrieved 22 October 2013.
  28. ^ "Management Group to Take Laureate Education Private". The New York Times. 29 January 2007.
  29. ^ "Laureate Education files IPO with $4.7 billion debt". Retrieved 2016-09-27.
  30. ^ a b https://www.sec.gov/Archives/edgar/data/912766/000104746916013340/a2227130zs-1a.htm
  31. ^ Gus G. Sentementes (2010-04-26). "Laureate Education lures Clinton as 'honorary chancellor'". The Baltimore Sun. Retrieved 2014-03-07.
  32. ^ "Laureate Education lures Clinton as 'honorary chancellor'". The Baltimore Sun. 2010-04-26. Retrieved 2014-03-07.
  33. ^ Redden, Elizabeth (2014-03-03). "World Bank affiliate invests $150 million in for-profit college provider". Inside Higher Ed. Retrieved 2014-03-07.
  34. ^ Kilar, Steve (2013-01-23). "World Bank invests in Baltimore-based Laureate Education". Baltimore Sun. Retrieved 2014-03-07.
  35. ^ "Laureate Education Acquires Brazil's FMU For $412 Million - Career College Central". 23 August 2013. Retrieved 19 March 2017.
  36. ^ Melissa Korn (2013-07-10). "Online Education Startup Coursera Raises $43 Million - Digits". Blogs.wsj.com. Retrieved 2014-03-07.
  37. ^ Bradshaw, Della (2013-03-18). "Thunderbird ties knot with commercial education partner". Financial Times. ISSN 0307-1766. Retrieved 2016-09-27.
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  40. ^ "Judith Rodin - The Rockefeller Foundation".
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  42. ^ "Archived copy". Archived from the original on 2018-12-02. Retrieved 2018-12-02.{{cite web}}: CS1 maint: archived copy as title (link)
  43. ^ a b Kimes, Mina (2014-01-18). "Laureate, a for-profit education firm, finds international success (with a Clinton's help)". The Washington Post.
  44. ^ "Information & Summary Investigation into Laureate Education's Activities in Turkey in 2014". Stanford Law School FCPA Clearinghouse. Retrieved 31 January 2020.
  45. ^ "Professores acusam Laureate de forjar documentos para obter o reconhecimento de cursos EAD no Brasil". Publica. Retrieved 27 June 2019.
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  47. ^ "Clinton discloses millions in book royalties, speaking fees". 2016-05-18. Retrieved 2016-09-27.
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  49. ^ "Estudante da Unifacs participa de encontro com Bill Clinton nos EUA" [Students of Unifacs participate in meeting with Bill Clinton in the U.S.] (in Portuguese). Gente & Mercado. 25 Feb 2012. Archived from the original on 2014-03-08. Retrieved 2014-03-08.
  50. ^ [1]
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  53. ^ "Edito: Clinton et Benkirane. L'avenir du Maroc est dans la tolérance et la modernité" [Editorial: Clinton and Benkirane. The future of Morocco is within tolerance and modernity] (in French). Aufaitmaroc.com. 2013-02-24. Retrieved 2014-03-07.
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  57. ^ ARIANA FERENTINOU (2010-10-03). "Clinton at Bilgi". Hurriyet Daily News. Retrieved 2014-03-07.
  58. ^ "Bill Clinton to give talk at varsity on Friday". The Star Online. 2010-11-09. Archived from the original on 2013-02-21. Retrieved 2014-03-07.
  59. ^ Haberman, Maggie (2015-04-24). "Bill Clinton Ends Role With Chain of For-Profit Colleges". The New York Times.
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