Robogroup T.E.K. Ltd.

Fund Information / Factsheet • Jun 28, 2021

R E S E A R C H & INDEPENDENT EQUITY RESEARCH

ROBOGROUP T.E.K LTD – Update Report 28.06.2021

C O N S U L T I N G L T D.

Expansion of the company activity with existing customers along with significant progress towards realizing its plan to enter the Chinese market; Price target unchanged

RoboGroup (TASE: ROBO), develops, manufactures, and markets training products and e-learning systems, as well as engineering and manufacturing technology training systems. It offers its products internationally under the Intelitek, Robotec, and CoderZ brands. RoboGroup (TASE: ROBO), develops, manufactures, and markets training products and e-learning systems, as well as engineering and manufacturing training It offers its products internationally under Intelitek, Robotec, and brands.

Market – The education technologies industry is expanding exponentially, with demand rising due to COVID-19 and associated significant changes in the realms of work and labor. Education technology expenditures are following a growth trend, increasing from \$152 billion in 2018 to an expected \$404 billion by 2025. Market – The education technologies industry is expanding exponentially, with demand rising due to COVID-19 and associated significant changes in the realms of work and labor. Education technology expenditures are following a growth trend, increasing from \$152 billion in 2018 to an expected \$404 billion by 2025.

Strategy – In addition to expanding its traditional core activity, the company has invested heavily in developing new products to address the growing education technology (EdTech) market needs. RoboGroup's strategy is to become a leading integrated STEM and industry virtual education learning platform by eliminating the key barriers and challenges that exist today. The company's goal is to become the preferred choice for STEM and robotics education using a gamified, Strategy – In addition to expanding its traditional core activity, the company has invested heavily in developing new products to address the growing education technology (EdTech) market needs. RoboGroup's strategy is to become a leading integrated STEM and industry virtual education learning platform by eliminating the key barriers and challenges that exist today. The company's goal is to become the preferred choice for STEM and robotics education using a gamified, competitive and self-based learning methodology.

competitive and self-based learning methodology. Valuation – Due to RoboGroup's unique value proposition, and its strategic collaborations with leading channels to market, we believe that the company will play a vital role in the growing education technologies market. We value RoboGroup's equity at NIS XX, and its price target in the range of NIS XX to NIS XX, with a mean of NIS XX. We see the expansion of the company activity with existing customers as a significant expression of trust in the company's products and its CoderZ™ system. In addition, the Company's engagement with Esperanza represents a significant step towards realizing its plan to enter the Chinese market and would allow significant exposure to the Company's CoderZ™ platform in Asia. Due to RoboGroup's unique value proposition, and its strategic collaborations with leading channels to market, we believe that the company will play a vital role in the growing education technologies market.

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RoboGroup 28.06.2021

• On May 9, 2021, the company announced a \$ 2.35 million follow-up order from a customer in Brazil. As of May 2021, the customer realizes about 80,000 out of 90,000 licenses. As part of the order, the company will provide licenses in a SaaS model for its CoderZ™ system for sixth- to tenth-grade students in the customer's schools in 27 countries across Brazil.
• On May 23, 2021, the company announced an MoU to expand an existing project in a west African country at a scale of approximately \$24 million. The project's expansion includes development and civil engineering work and the provision of systems for the completion of STEAM centers for roughly \$14 million, as well as the provision of 500,000 licenses for two years for the CoderZ™ system, a reporting application in the CoderZ™ system, courses for cybersecurity, AI, Internet connection, mentoring 1,000 teachers and management services totaling about \$10 million. Suppose the project's expansion is carried out, the total scope of the project would amount to approx. \$60 million: a total of approx. \$18 million for the first part of the project, an additional amount of approx. \$18 million for the expansion of the first project from November 2019 and approx. \$24 million for the expansion mentioned above.
• On April 21, 2021, the ARK Israel Innovative Technology ETF became a stockholder of Robogroup.
• On April 18, 2021, the Company announced the engagement of its subsidiary Coderz Technologies Ltd. with Esperanza in a marketing agreement of the Coderz League in Hong Kong. Esperanza will promote and market the CoderZ platform's e-sports platform (CoderZ League) to schools in Hong Kong as part of the agreement. In addition, CoderZ Technologies will train teachers in Hong Kong schools with the help of a local partner, and the parties would work in full cooperation to implement the CoderZ League platform in Hong Kong schools. CoderZ League is scheduled to open in mid-October 2021 and end in mid-January 2022.
• On March 25, 2021, the company announced that it received a NIS 7.5 million (including VAT) order from the Ministry of Development of the Periphery, the Negev, and the Galilee.
• On March 1, 2021, the Company announced preparations for listing its shares on the NASDAQ as part of the Company's strategy to expand its international operations.

Investment Thesis

RoboGroup T.E.K. Ltd. (TASE: ROBO) is an Israeli company that is publicly traded on the Tel Aviv Stock Exchange. RoboGroup's vision is to disrupt the STEM (science, technology, engineering, and math) education technology market with its proprietary online virtual platform that enables students to learn coding, mathematics, and physics using virtual robots. The robots operate according to real-world physics and are controlled using unique coding techniques designed for young students.

The platform represents an accessible alternative for teachers and students lacking access to physical robots due to high costs, major logistical barriers blocking scalability, and high teacher proficiency requirements regarding robotics and coding. The platform also offers flexibility for simulating advanced technology (such as AI) and advanced environments (such as space) for students who are already engaged in STEM work. Its second business unit offers Industry 4.0 training with a range of physical and remote-learning products and services.

Global Education Technology Market

Size

• Education technology expenditures are following a growth trend, increasing from \$152 billion in 2018 to an expected \$404 billion by 2025.
• The COVID-19 pandemic has fueled a spike in growth in global e-learning for schools (K-12) that is expected to generate over \$240 billion by 2022 and \$300 billion by 2026 from various sources.
• The first investments in EdTech were made a decade ago with \$500 million in VC investments, expanding exponentially with an 32-fold increase of \$16 billion in 2020.
• The physical robotics market in education is currently valued at \$1.3 billion globally, and is positioned to grow to \$3.1 billion by 2025.

Current Challenges

• There is a shortage of STEM teachers.

• High costs (often reaching hundreds of USD per student for hardware, travel, etc.) create a "glass ceiling" that prevents minority populations and lower socioeconomic groups from participating in competitions, thereby reducing their chances of participating in the growing STEM economy.

• Learning progress is hard to measure, as it's not individual learning/robots.

• Teaching methods that inspire children's curiosity are lacking, and there is a need to shift the emphasis away from simply learning facts to enabling students to carrying out innovative and enjoyable projects using the knowledge gained, including being creative by applying their own ideas.

RoboGroup's Opportunities

• The COVID-19 pandemic has had a marked positive impact on market growth.
• STEM studies using robotics and science represent a significant pillar that is shaping the future of the economy, in addition to the well-being, security, and progress of all societies and states.
• Mid- and long-term growth is expected in the STEM education segments as governments increasingly move to support the STEM curriculum by, for example, mandating programming training in the K-12 curriculum.
• Schools around the world are facing growing demands by parents and other stakeholders to prepare students for rapid economic, environmental, and social changes, and for jobs that have not yet been created.
• CoderZ can become a leading and enabling platform for expanding STEM and robotics education through its development of individual, integrative, and fully digital learning solutions. In this way, it can penetrate new market segments.

RoboGroup's Value Offering

• Two company divisions: (1) STEM Professions Training and Education; and (2) Professional Training in the Industry 4.0 Domain, including Automation, Robotics, and Smart Factories.
• Unique technology and innovative processes: (1) highly advanced simulation of physical robots accessible from a browser; (2) modular simulative world to support wide-scale; and (3) efficient content creation mechanism that saves significant development resources, (4) multiplayer options.
• Business model: STEM education—user/class/school licensing. Industry—turn-key projects, equipment, and software sales.

• Vision: "Inspire every learner on the planet to realize their full potential and own their future." Increase the accessibility of STEM education and robotics so that every student will have more career options in their future. Become the preferred choice for STEM and robotics education, through a gamified, competitive, and self-based learning methodology.

• Market penetration: Enter schools' STEM curricula through standards-aligned and integrated curricular activities and extra-curricular competitions and activities.

• Channels: Multiple channels to market, including distributors, partnerships with software companies (such as Amazon), robot manufacturers (such as Lego), industrial robot manufacturers (such as Yaskawa), and many others. Scaling will focus on volume/value partner development, together with strong B2C activities, when the company is ready to launch.
• Company roadmap: Moving toward an integrative, virtual, and fully digital platform.

The education technologies industry is expanding exponentially, with demand rising due to COVID-19 and significant changes in the world of work and labor. This so-called third education revolution involves a personalized, digitized, and decentralized education system.

Due to RoboGroup's unique value proposition and its strategic collaborations with leading channels to market, we believe that the company will play a vital role in the growing education technologies market. We see RoboGroup as an outstanding investment opportunity. However, like any technology firm, RoboGroup needs to achieve its vision of becoming a fully digitized and automized solution and to execute further significant sales.

We conducted RoboGroup's valuation using market benchmarks from recent deals, relevant market multiples, and a bottom-up valuation using the DCF method, all based on RoboGroup's updated business model. The company has 45,445,464 shares as of June 28, 2021; thus, in view of all the bellow-mentioned findings and assessments, we value the company's stock price target to be in the range of NIS 7.5 to NIS 8.3, and NIS 7.9 on average.

Company Overview

RoboGroup T.E.K. Ltd., headquartered in Israel, is engaged in developing, manufacturing and marketing technology training and education products. It offers its products under two business units – industrial training and STEM education.

Company was incorporated in 1982 as a private company (current name is used since 2000). Company's shares are listed for trading on the Tel Aviv Stock Exchange since 1991 (TASE: ROBO).

The RoboGroup consists of three subsidiaries:

CoderZ Technologies Ltd. - a private company incorporated in Israel and engaged mainly in the development, marketing and distribution of an experiential and gamification-based STEM learning platforms via the use of virtual robots.

Intelitek - a private company incorporated in Delaware, USA and engaged mainly in marketing, sales, technical support and maintenance of the Group's products and products of third parties to the North American education market.

Robotec Technologies Ltd. - a private company incorporated in Israel and engaged in planning and implementation of technology laboratories in the education system, marketing, distribution, installation and maintenance of all the Group's products, third party products and related products in the STEM field, to the training and education markets. Robotec characterizes and develops advanced solutions, and maintains an extensive set of tutorials and advanced training courses.

2. Market Overview & Analysis

The Transformation of Education Industry

The world of work is undergoing a massive shift and as a direct impact we are also at the heart of a global revolution in education.

According to McKinsey Global Institute's report¹ , 30-50% of American workers may have to change jobs by 2030 because of artificial intelligence and automation and the past promise of governments and universities that higher education equals secured jobs and income no longer apply.

The current changes in education and training are likely to be marked by continual training throughout a person's lifetime—to keep current in a career, to learn how to complement rising levels of automation, and to gain skills for new work. Workers will likely consume this lifelong learning in short spurts when they need it, rather than in lengthy blocks of time as they do now when it often takes months or years to complete certificates and degrees.

Education was already going through a significant change and a slow evolution going back 10 years or so when Covid-19 hit and turned it into a revolution. Key aspects of what is known as the 3rd education revolution² are:

• New alternatives to a central education system
• De-centralization of budget allocation and responsibilities
• Personalized student development programs
• The decline of formalism and the rise of personal digitization
• The labor market and the education market are one

According to Wittgenstein Centre for Demography and Global Human Capital, there will be half a billion more school and university graduates in the world by 2025 than today, driven primarily by population growth in developing countries.³

Education technology expenditures are in a growth trend from \$152 billion in 2018 to \$404 billion by 2025. However, there is still a lot of growth available as it is still 5% of overall expenditure.

The Covid-19 pandemic is fueling a spike growth in global e-learning for schools (known as K-12) which is expected to generate over \$240 billion by 2022 and \$300 by 2026 by various sources⁴ . About 60% of market revenues are generated from software.

Investments in Education Technology (EdTech) startups started a decade ago with \$500 million of Venture Capital investments exploding to 32x higher at \$16B in 2020.

Long Tern Impact of Covid-19

Global lockdowns and schools roll out of remote learning since March/April opened up massive opportunities for EdTech companies as schools, teachers and parents look for effective remote learning solutions.

A recent report by & Co. Global Strategic Studies Institute from October 2020 stated that "...as the introduction of EdTech progresses, learning will likely be transformed significantly from being centered on

group education in one-way lecture format to personalized learning. …this could be described as a "paradigm shift in learning": the mainstream of learning is moving from group education to personalized learning optimized to each individual, and a modular, lifelong form of learning is emerging in vocational education."⁵

Many other related opportunities that arise following the COVID-19 outbreak contribute to the growth potential of the market – Demand for robotics, virtual learining and the future of remote work.

Connected Work	Lights-Out Operations	Connected Living	Technology Advancements
Remote Work UCaaS Consumerization of IT/Work Wearables Real estate: Telecommuting · Digital Personal Assistants Virtual Collaboration · Synchronized (Real- time Collaboration) · Asyncronized (Offline Collaboration) Hybrid Workplaces Microlobs Gig Workers	Remote Asset · Asset Condition Monitoring · Plug-and-Play Condition Monitoring Kits Predictive and Prescriptive Analytics Digital Twins · 3D Laser Scanning 3D Capture · Photogrammetry B2C/C eCommerce · Voice Commerce Social Commerce	Smart Homes · Home Automation Home Energy · Home Security Virtual Entertainment Live AR/VR streaming Online Arcades/Gaming · Virtual Tours Virtual Learning · Learning Management Systems · Flipped Classrooms eLearning Programs	Cybersecurity Biometrics · Al-based Cybersecurity · Quantum -- based Cybersecurity Blockchain-based Cybersecurity Robotics Industry Robots Service Robots AI · Machine Learning (ML) and Deep Learning · Natural Language Processing (NLP)
Robotic Worker	Ambient Commerce AR Shopping		· Video Analytics, Computer Vision

4. Financial Analysis & Valuation

4.1 Financial EdTech Market

4.1.1 Overview⁶

The education sector promises to incorporate an expansive embrace of new digital technologies and strategies in the years to come. EdTech solutions have become increasingly instrumental in delivering education outcomes given a growing population of learners, changing preferences among students and educators for more diverse learning styles, and the impacts of COVID-19 in normalizing technology as a tool in parentstudent-teacher relationships. These trends are helping create significant new opportunities for venturebacked startups. The market, as a whole, from early education to professional development, amounteded to approx. \$227 billion opportunity in 2020. The education sector is experiencing a moment unique in its reliance on technology to facilitate learning, one that will help to intensify the adoption of technology as a crucial supplement to learning far into the future.

Market experts estimate the global EdTech market spend at \$163 billion in 2019 and expect it to reach \$404 billion by 2025, growing at a 16.3% CAGR. 7 Though the pandemic may reduce total education expenditure in the near term, the crisis is likely to expedite the transition to digital learning infrastructure. Moreover, directto-consumer offerings are expected to experience growth as customers look to solutions separate from traditional learning institutions.

4.2 Valuation Method & Approach

Valuation of a start-up company in its early stages can be challenging due to limited cash flow (if any) and uncertainty regarding the future. As part of a Discounted Cash Flow (DCF), the accepted method used in financial valuations, there are several modifications to a start-up company's valuation. In general, there are four primary methods within the DCF method:

• 1. Real options this valuation method is designated for pre-clinical and early-stage clinical programs/companies where the assessment is binary during the initial phases and based upon scientific-regulatory assessment only (binomial model with certain adjustments).
• 1. Pipeline assessment a valuation method used for early-stage companies before the market stage where time-to-market may be a few years for full operations. The company's value is the total discounted cash flow for its products/signed agreements plus unallocated costs and its technology platform assessment.
• 1. DCF valuation this method applies to companies with products that have a positive cash flow from operations.
• 1. Market benchmark this method is based on recent deals (M&A and/or fundraising) within the company's domain and market multiples.

To evaluate RoboGroup's equity value, we combined two methods: (1) market benchmarking approach to estimate the STEM CoderZ activity, (2) the DCF method to estimate the Vocational & Robotec activity. Then, we combined them to reach the company's overall equity value.

4.2.1 Revenue Overview

RoboGroup is a well-established publicly held firm. We applied discounted cash flow methodology for its' Vocational & Robotec divisions activity based on its historical metrics.

Revenues in the Vocational & Robotec segments are generated from executing large, one-time, and challenging to predict projects. However, the company has signed orders and has demonstrated the capacity to create new projects over the past ten years.

From 2015-2019, before the company had any significant revenue from STEM activity, the average company total revenue was \$13.2M.

In 2020, the company revenue from STEM activity increased to approx. \$4M, and total revenue was \$18.8M.

The company also publicly publishes its backlog. As of December 31, 2020, the company had a backlog of \$25.3M to be delivered and received by 2023 (\$18.1M of it by 2021); \$17.1M is derived from the Vocational & Robotec divisions, and \$8.1M from the STEM division.

4.2.2 Valuation by Market Multiples – The STEM CoderZ –Activity

The STEM CoderZ segment is a young, high growth and offers a new teaching paradigm to the market that has significant benefits over existing solutions. This segment business model is more of a SaaS-like/Subscription company, which is best valued using Annual Recurring Revenues (ARR) multiples. Thus, we decided to use the multiples method to evaluate this business activity of the company.

In the past three years, the STEM activity of the company matured and reached commercialization. The company STEM revenues soared from \$200K in 2019 to \$4M in 2020, along with a backlog of \$8.1M as of December 31, 2020.

We believe that RoboGroup is still in the early stages of penetrating the market with its STEM products and anticipate high growth in revenues from this segment.

Based on the company's past performance and current market trends, we anticipate 2021 revenue from this segment to reach approx. \$10M-\$15M.

Valuation by EV/Revenue multiple

For the valuation of CoderZ, we used the following multiples:

1. We are using the median public SaaS company valuation revenues multiple⁸ , which for February 2021 was

2. As a conservative measure, we use the average of the trailing twelve months, which is 13.47 (SD=2.86).

• 1. We examined Roobogroup's industry, the education industry, using data from 38 firms (as of 2020⁹ ). We found that the average EV/Revenue was 2.81.
• 1. We also calculated an EdTech industry revenue multiple based on a similar companies sample using Pitchbook data set. The revenues multiple for the mentioned sample is 8.87 (for more details, see the section, 'Recent deals as a valuation benchmark').

Above all mentioned multiples, we determine that our EdTech revenue multiple (=8.87) is the most suitable for evaluating RoboGroups's CoderZ activity.

Thus, according to our SaaS-Education revenue multiple, we value RoboGroup's CoderZ activity at \$88.7M- \$133M.

4.2.3 Valuation by DCF Method – Vocational & Robotec Activity

USD in thousands	2021	2022	2023	2024	2025	2026	2027
Revenue	17,000	17,340	17,687	18,041	18,401	18,769	19,145
Cost of Sales	9,385	9,573	9,764	9,960	10,159	10,362	10,569
Gross Profit	7,615	7,767	7,923	8,081	8,243	8,407	8,576
R&D	676	689	703	717	731	746	761
S&M	4,843	4,940	5,039	5,139	5,242	5,347	5,454
G&A	915	933	952	971	990	1,010	1,030
Total Operating Expenses	6,433	6,562	6,693	6,827	6,964	7,103	7,245
Operating Income	1,182	1,205	1,229	1,254	1,279	1,305	1,331

Below, we present our P&L forecasting for the Vocational & Robotec divisions, for years 2021 – 2027:

Equity Value

We also calculated RoboGroup's value based on the following parameters:

• Non-operational assets/liabilities The company had \$10.7M cash as of 31/12/2020 and \$970K loans.
• CapEx Over the life of an asset, total depreciation will be equal to the net capital expenditure. We don't expect any significant CapEx investment on behalf of the company in the forecasted period.
• Working capital (WC) changes based on the current balance sheet and future WC needs, we assume 30 days of working capital needs.
• WACC we calculate WACC to be 14.27% (see appendix A in our initiation of coverage report).
• Growth rate We estimated a 2% growth rate.

Sensitivity analysis

The table below presents the Vocational & Robotec divisions' equity value matched with different capitalization rates (along with a 2% growth rate). We set a range of 0.5% change from our CAPM model (see Appendix A).

Cap. Rate (%)	Equity Value (US\$)
13.3%	19,840
13.8%	19,490
14.3%	19,168
14.8%	18,870
15.3%	18,594

Using the DCF method, we estimate the Vocational & Robotec divisions' equity value to be in the range of US\$19.5M and US\$18.9M, with a mean of US\$19.2M.

4.3 Valuation summary

As discussed earlier, we see RoboGroup as a growth firm. Thus, we based our valuation on current and future market trends and the company's management actions. Due to the high growth in the EdTech market, past performance, and reported activity in the past few months, we estimate the company revenue for 2021 to be approx. \$17M from the Vocational & Robotec divisions, and \$10M-\$15M from the STEM division. As measure of conservativity, we used the bottom of our forecast (=\$10M) for evaluating the STEM segment value.

RoboGroup's Revenue by Activity, 2018-2021

(E) – Estimated

*Before adjustments to a consolidated report

Given all the findings above, summing up the value of the different parts of RoboGroup's activity, we estimate RoboGroup equity value to be in the range of NIS 343.5M and NIS 375.1M, with a mean of NIS 359.2M.

We conducted RoboGroup's valuation using market benchmarks from recent deals, relevant market multiples, and a bottom-up valuation using the DCF method, all based on RoboGroup's updated business model. The company has 45,445,464 shares as of June 21, 2021; thus, in view of all aforementioned findings and assessments, we value the company's stock price target to be in the range of NIS 7.5 to NIS 8.3, and NIS 7.9 on average.

Appendix #.1: About Frost & Sullivan

Frost & Sullivan* is a leading global consulting, and market & technology research firm that employs staff of 1,800, which includes analysts, experts, and growth strategy consultants at approximately 50 branches across 6 continents, including in Herzliya Pituach, Israel. Frost & Sullivan's equity research utilizes the experience and know-how accumulated over the course of 55 years in medical technologies, life sciences, technology, energy, and other industrial fields, including the publication of tens of thousands of market and technology research reports, economic analyses and valuations. For additional information on Frost & Sullivan's capabilities, visit: www.frost.com. For access to our reports and further information on our Independent Equity Research program visit: www.frost.com/equityresearch.

*Frost & Sullivan Research and Consulting Ltd., a wholly owned subsidiary of Frost & Sullivan, is registered and licensed in Israel to practice as an investment adviser.

What is Independent Equity Research?

Nearly all equity research is nowadays performed by stock brokers, investment banks, and other entities which have a financial interest in the stock being analyzed. On the other hand, Independent Equity Research is a boutique service offered by only a few firms worldwide. The aim of such research is to provide an unbiased opinion on the state of the company and potential forthcoming changes, including in their share price. The analysis does not constitute investment advice, and analysts are prohibited from trading any securities being analyzed. Furthermore, a company like Frost & Sullivan conducting Independent Equity Research services is reimbursed by a third party entity and not the company directly. Compensation is received up front to further secure the independence of the coverage.

Analysis Program with the Tel Aviv Stock Exchange (TASE)

Frost & Sullivan is delighted to have been selected to participate in the Analysis Program initiated by the Tel Aviv Stock Exchange Analysis (TASE). Within the framework of the program, Frost & Sullivan produces equity research reports on Technology and Biomed (Healthcare) companies that are listed on the TASE, and disseminates them on exchange message boards and through leading business media channels. Key goals of the program are to enhance global awareness of these companies and to enable more informed investment decisions by investors that are interested in "hot" Israeli Hi-Tech and Healthcare companies. The terms of the program are governed by the agreement that we signed with the TASE and the Israel Securities Authority (ISA) regulations.

For further inquiries, please contact our lead analyst:

Dr. Tiran Rothman T: +972 (0) 9 950 2888 E: equity.research@frost.com

Appendix #.2: Team Biographies

Dr. Tiran Rothman is the head of Frost & Sullivan Research & Consulting Ltd., a subsidiary of Frost & Sullivan in Israel. He has over 10 years of experience in research and economic analysis of capital and private markets, obtained through positions at a boutique office for economic valuations, as chief economist at the AMPAL group, and as co-founder and analyst at Bioassociate Biotech Consulting. Dr. Rothman also serves as the Economics & Management School Head at Wizo Academic College (Haifa). Tiran holds a PhD (Economics), MBA (Finance), and was a visiting scholar at Stern Business School, NYU.

Almog Josef Sokolik is an Analyst and Consultant at Frost & Sullivan Research & Consulting Ltd., a subsidiary of Frost & Sullivan in Israel. He has experience in valuation of public and private firms, research and market analysis obtained through positions at the Ministry of Finance - Department of the Chief Economist, and Ben-Gurion University - Laboratory for Judgment & Decision Making as research analyst. Almog holds a BA in Economics and Psychology.

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Endnotes

• 1 https://www.mckinsey.com/~/media/mckinsey/industries/public%20and%20social%20sector/our%20insights/what%20the%20future%20of%20work%20will%20me an%20for%20jobs%20skills%20and%20wages/mgi%20jobs%20lost-jobs%20gained\_report\_december%202017.pdf

• 2 https://www.nesacenter.org/uploaded/conferences/FLC/2018/handouts/DonnaOrem\_ThirdEdRevolution2018.pdf

• 6 https://pitchbook.com/

• 7 "Global EdTech Market to Reach \$404B by 2025 -16.3% CAGR," HoIonIQ, August 6, 2020
• 8 https://www.saas-capital.com/the-saas-capital-index/
• 9 http://pages.stern.nyu.edu/~adamodar/New\_Home\_Page/datacurrent.html#multiples

³ http://dataexplorer.wittgensteincentre.org/wcde-v2/

⁴ https://e-student.org/e-learning-statistics/

⁵ https://www.mitsui.com/mgssi/en/report/detail/\_\_icsFiles/afieldfile/2020/12/17/2010x\_sakai\_e.pdf