Education Technology Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › EDUCATION TECHNOLOGY SOFTWARE

Compute Pricing Power Leads a Quiet Two Weeks for Learning Platforms

What moved, what companies announced and what it means across Education Technology Software for September 11–25, 2026.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Education Technology Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › EDUCATION TECHNOLOGY SOFTWARE

   Cover slide introducing the bi-weekly Education Technology Software update for September 11–25, 2026.

   We open this bi-weekly update on Education Technology Software by framing what changed, who moved, what transacted and what it means for the two weeks ended September 25, 2026.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › EDUCATION TECHNOLOGY SOFTWARE Compute Pricing Power Leads a Quiet Two Weeks for Learning Platforms What moved, what companies announced and what it means across Education Technology Software for September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Education Technology Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Pricing Actions and Affirmed Guidance Carried the Period, While Deal Flow Stayed Thin

   This slide gives the two-week bottom line: pricing actions and affirmed guidance stood out while deal activity stayed thin.

   We start with the two-week bottom line: 6 of 11 covered names rose, with the median move at +1.0% against +1.1% for the S&P 500. The clearest company action was Nebius Group N.V.'s (NBIS) stated price increase, and the stock finished the window +8.4%. Scholastic Corporation (SCHL) affirmed its fiscal 2027 guidance rather than resetting it, keeping the conversation on revenue mix. Only one transaction printed — Phoenix Education Partners, Inc.'s agreement to acquire Fuel50 Inc. — and it left the CY2027E EV/EBITDA median of 9.3x as the standing reference point. So what: pricing discipline and guidance stability, not deal flow, defined the period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Pricing Actions and Affirmed Guidance Carried the Period, While Deal Flow Stayed Thin The two-week period in one page · 11 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Education Technology Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 11 Covered Names Rose; The Median Move Was +1.0% The covered set tracked the broad market closely, with the S&P 500 up +1.1% over the same window. Direction was mixed rather than one-way. 2 The Clearest Company Action in the Window Was a Price Increase Nebius Group N.V. (NBIS) said on Sep 17 it will raise pay-as-you-go leasing prices from October 1, its second increase in three months, per Reuters. NBIS finished the window +8.4%. 3 Publishing Held Its Outlook Rather than Reset It Scholastic Corporation (SCHL) reported fiscal first quarter results on Sep 24 and affirmed its fiscal 2027 guidance. Our read: steady outlooks keep the conversation on revenue mix rather than on a single quarter. 4 One Transaction Printed, and It Came Without Disclosed Terms Phoenix Education Partners, Inc. agreed to acquire Fuel50 Inc. on Sep 16. With no value disclosed, the standing reference point for the sector remains a CY2027E EV/EBITDA median of 9.3x. +8.4% Best mover — Nebius Group N.V. (NBIS) worst: COUR -3.1% · 6 up / 5 down of 11 covered +1.0% Sector median two-week return vs S&P 500 +1.1% 1 Transactions announced in the two-week period terms not fully disclosed

3. 03
   PUBLIC MARKET MOVERS

   Two Weeks That Rewarded a Stated Pricing Action over Platform Narratives

   This slide ranks the two-week close-to-close price moves across the 11 covered names against the sector median and the S&P 500.

   We track the two-week close-to-close moves across the covered set, where the sector median was +1.0% and the S&P 500 rose +1.1%. The materiality bar of +4.2% (sector-relative) separates moves that are more than noise from those still inside a normal band. Nebius Group N.V. (NBIS) is the standout, closing the window +8.4% in the same period as its stated pricing action. Because the driver attributions here are calibrated reads, not asserted causes, we treat the pricing action as associated with — not proven to have caused — the move. So what: this window rewarded a specific company action rather than broad platform narratives.

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   PUBLIC MARKET MOVERS Two Weeks That Rewarded a Stated Pricing Action over Platform Narratives Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median +1.0% · S&P 500 +1.1% · materiality bar ±4.2% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Education Technology Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +1.0% Nebius Group N.V. (NBIS) +8.4% Shares moved higher following Nebius's Sep 17 announcement, reported by Reuters, that it will raise pay-as-you-go prices for leasing selected chips from October 1, its second increase in three months. The biggest day was +7.4% on Sep 24. Demand strong enough to support a second price increase in three months is the window's clearest pricing signal. COMPANY-SPECIFIC Huron Consulting Group Inc. (HURN) +5.2% No notable in-window news was identified that clearly explains the move. Huron Consulting Group Inc. (HURN) ended the window +5.2% against a median move of +1.0% across the covered set. Core-tier advisory models are read on margin durability and delivery capacity more than on growth optionality. UNEXPLAINED Coursera, Inc. (COUR) -3.1% Shares eased over the window following Coursera's Sep 21 announcement of a legal leadership transition, an executive change rather than an operating update. The strongest single day, +3.8%, came earlier, on Sep 14. The market is still separating contracted institutional revenue from discretionary consumer subscriptions. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Chose Pricing, Guidance and Governance Moves over Big Announcements

   This slide lists the two-week period's highest-impact company events and why each matters.

   We rank the two-week period's highest-impact events, and pricing, guidance and governance actions dominate over big platform announcements. Nebius Group N.V.'s (NBIS) leasing price increase stands out as the clearest stated action in the window. Scholastic Corporation's (SCHL) affirmed fiscal 2027 guidance is the second marker, signaling confidence in the outlook without a reset. Each 'why it matters' line is our read tied to a specific filing or article, not a standalone claim. So what: the period's real signal came from company-level actions, not sector-wide headlines.

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   MAJOR NEWS & INDUSTRY CATALYSTS Companies Chose Pricing, Guidance and Governance Moves over Big Announcements The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Education Technology Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · PRNewsWire Scholastic reported fiscal first quarter results and affirmed its fiscal 2027 guidance An affirmed full-year outlook from a children's publishing and education group is the period's steadiest operating datapoint. Our read: it keeps attention on the shift from one-time print to recurring digital courseware. Holding an outlook through the early part of the year supports the durability case for education publishing revenue. Sep 22 · NEWS · GlobeNewsWire Barnes & Noble Education's college business released a new title supporting scholarships and research The release runs through an existing campus partner relationship. Our read: in course-materials distribution the installed campus position, not the individual title, is the asset being demonstrated. Campus relationships remain the durable part of course-materials economics. Sep 22 · NEWS · Business Wire Huron was named a 2026 Best Firm to Work For by Consulting Magazine for the 16th consecutive year Delivery staff are the cost base and the product in institutional advisory. Our read: a consistent employer standing signals continuity in the teams that higher-education clients contract for. In advisory-led education services, staff continuity is part of revenue quality. Sep 11 · NEWS · 24/7 Wall Street Nebius traded up 4% on Sep 11 with the AI cloud group on sector-level demand news Compute capacity names respond to sector demand signals rather than education-specific catalysts. Our read: that demand sits directly under the cost to serve for AI tutoring and support features. AI infrastructure demand is now an input variable for anyone building AI into learning products. Sep 21 · NEWS · Business Wire Coursera announced a legal leadership transition Accreditor and state authorizer approvals, student data rules and university revenue-share contracts are governed from the legal function. Contract and regulatory governance is part of the operating model for platforms selling into institutions. Sep 17 · NEWS · Reuters Nebius will raise pay-as-you-go prices for leasing selected chips from October 1 A second increase in three months points to demand running ahead of available capacity. Our read: for learning platforms, the AI input cost is moving up rather than down. The case for AI as cost-to-serve deflation in tutoring gets harder when compute pricing rises.

5. 05
   M&A & STRATEGIC ACTIVITY

   One Transaction Lands, and the Reference Set Waits for Disclosed Terms

   This slide covers the single M&A transaction announced in the window and the sector's reference valuation multiples.

   We cover the one transaction the two-week period produced: Phoenix Education Partners, Inc.'s agreement to acquire Fuel50 Inc., announced without disclosed terms. With no new multiple to add, the working reference set stays anchored to the sector's CY2027E EV/EBITDA figures — a Premium tier at 17.8x, a Core median at 9.3x, and a Discount tier at 1.1x. This spread is a reminder that the label 'Education Technology Software' covers a wide range of outcomes at the multiple level. So what: buyers and advisers should keep pricing conversations tied to tier and mix, not to the sector name alone.

   Everything on this page

   M&A & STRATEGIC ACTIVITY One Transaction Lands, and the Reference Set Waits for Disclosed Terms 1 transaction announced · September 11–25, 2026 · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Education Technology Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 16 n/a Phoenix Education Partners, Inc. Phoenix Education Partners, Inc. agreed to acquire Fuel50 Inc., announced Sep 16 EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record carries the parties and the announcement date and no stated rationale. HOW THE TARGET WAS VALUED No enterprise value or multiple was disclosed. The standing reference for the sector is a CY2027E EV/EBITDA median of 9.3x, with the Premium tier at 17.8x and the Discount tier at 1.1x.

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisers

   This slide translates the two-week period into implications for operators, acquirers and advisers.

   For operators, the period's modest gains — 6 of 11 covered names rose at a median of +1.0% — sit on top of KPIs like seat licenses, net revenue retention and paid conversion that the market is really pricing. For acquirers, the Phoenix Education Partners, Inc. agreement to acquire Fuel50 Inc. landed without a disclosed multiple, so the 40 trailing transactions in the record remain the working reference set. For advisers, the spread from a Premium tier at 17.8x to a Discount tier at 1.1x on CY2027E EV/EBITDA argues for leading with pricing evidence over the sector label. So what: this is analytical interpretation of the two-week period's recorded evidence, not investment advice.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Education Technology Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 9.3x 8 companies in the study 3 valuation tiers Standing thesis: Education Technology Software Trades as Three Groups, With Learning Management Software at the Top FOR OWNERS & OPERATORS Companies in the Space Traded Modestly Higher 6 of 11 covered names rose; the median move was +1.0%. The KPIs sitting under that are seat licenses sold and seat expansion at renewal, net revenue retention on institutional seats, paid conversion from free users, and persistence by cohort. FOR ACQUIRERS One New Transaction, No New Multiple Phoenix Education Partners, Inc. / Fuel50 Inc. was announced on Sep 16 without disclosed terms, so the 40 trailing transactions in the record remain the working reference set. FOR ADVISORS Lead with Pricing Evidence and Revenue Mix, Not with the Sector Label The window is consistent with the standing view that the label tells you little about the price: the covered set spans a Premium tier at 17.8x, a Core median of 9.3x and a Discount tier at 1.1x on CY2027E EV/EBITDA.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources, methodology and limits behind the bi-weekly update.

   We close by showing how this bi-weekly update is built: every figure links back to the market prices, SEC filings and press releases it was taken from, current through September 25, 2026. Driver attributions throughout use calibrated language and represent our read of the recorded evidence, not proven causation. This is analytical research, not investment advice or a recommendation to transact. So what: readers can trace every claim in this update back to its source before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Education Technology Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T153019Z_669_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · globenewswire.com · businesswire.com · 247wallst.com · reuters.com

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