Vasta Platform Limited (NASDAQ: VSTA) has announced the acquisition of educational marketing solutions EMME. EMME has garnered attention as a provider of educational marketing solutions for schools, through a license of its “software as a service” platform since its inception in 2005. The firm disclosed that EMME is likely to record net revenue of R$ 7.6 million in 2021.
Vasta Platform has also shared the results for the second quarter of 2021 (2Q21) ended June 30, 2021. In Q2, the firm revealed that its net revenue rose 17% as compared to the same quarter of 2020, due to the growth in 2021 annual contract value (ACV) and revenue from non-subscription products.
Furthermore, the firm has disclosed the Adjusted EBITDA stood negative in R$ 17 million in 2Q21, mostly propelled by the negative revenue seasonal fluctuations of the second quarter. Vasta logged an adjusted net loss of R$ 25 million in the quarter. In the cycle, Vasta published an adjusted net profit of R$ 124 million, 29% higher year on year.
In addition to this, the firm has also disclosed the share repurchase program. As per the Repurchase Program, Vasta may buy back more than 1,000,000 in Class A common shares in the open market, based on dominant market prices, or in privately negotiated transactions, over a period beginning on August 17, 2021.
Moreover, the firm has disclosed that on July 29 it has chosen Estela Maris Vieira de Souza to the board of directors as an independent member and as chairwoman of the audit committee. On August 6, Vasta’s firm Somos Sistemas de Ensino S.A. granted R$ 500 million in simple debentures, not convertible into shares.