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ETS Capital logo: Investing in education & human progress

ETS Capital partners with companies that have growth potential and share our mission of creating a better-educated, more optimistic world.

Group of people

About

Partnering with game-changers for a better world

ETS Capital is part of ETS, a global education 
and talent solutions organization dedicated 
to preparing lifelong learners for the future. With significant Assets Under Management (AUM), 
we pursue strategic equity investments, growth partnerships, and mergers/acquisitions with 
the world's most innovative companies.

Every partnership benefits from our extensive capabilities in: 

  • Assessments
  • R&D
  • Global Distribution
  • Innovative Technologies
FOCUS AREAS

Fueling growth and scale for better outcomes

Equity Investments

This typically targets Series B, Series C, or later, where companies already have proven product/market fit, initial customers, and a developed business model. They are seeking further new growth capital to scale the business. Earlier-stage investment may be possible in select situations.

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Mergers/Acquisitions

Our M&A focus is targeted at middle-market scale deals (smaller or larger acquisition deals may be possible in select cases).

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Growth Partnerships

While broadly defined, it may consist of joint-ventures (JVs), channel-partner or distribution agreements, Intellectual Property (IP) licensing and technology-transfer relationships and similar strategic value-add business partnering relationships.

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portfolio

Companies on a mission

Acquisition
PSI offers a comprehensive solutions approach from test development to delivery to results processing, including assessments, licensing and certification tests, license management services and professional services.
Acquisition
PSI Logo
investment
ApplyBoard connects international students and recruitment partners to educational opportunities at institutions around the world.
investment
ApplyBoard Logo
INVESTMENT
OpenClassrooms is an online platform offering top quality, education-to-employment programs and career coaching services for students worldwide. If you are looking for the next steps in your career, OpenClassrooms will get you there.
INVESTMENT
OpenClassroom Logo
INVESTMENT
Degreed connects learning and career growth to business opportunities through one single, fluid skill-development experience, so your organization and your people are always ready to clear the next big obstacle.
INVESTMENT
Degreed Logo
investment
Class adds teaching and learning tools to Zoom, and is a company founded by education software pioneer Michael Chasen.
investment
class
Investment
upGrad – started in 2015 is a pioneer in the online education revolution, focused on powering career success for a global workforce of over 1.3 billion.
Investment
Upgrad logo

Leading with vision, conviction and expertise

With experience in the financial, business and technology sectors from Wall Street to Asia, our team members have subject matter expertise in every aspect of equity investment, strategic growth partnership and mergers/acquisitions.
managing director

Emal Dusst

Emal is the Managing Director & Head of ETS Capital. Previously, he was a senior investment professional at Sterling Partners, a multi-billion dollar private equity firm, where he led global education and workforce transactions. He contributed to the founding of Cintana Education, a global education company operating in over 20 countries, founded in partnership with Arizona State University (ASU), where he held several senior executive roles. Prior to Sterling, Emal was the Chief of Staff to the Founder & CEO of Laureate Education (NASDAQ: LAUR) and also served as Chief Strategy Officer. He has also held senior roles at Saint-Gobain (EPA: SGO), a $60 billion global industrial company, working both in the US and France. He began his career in investment banking.

Emal serves or has served as a board member or observer for several education companies and institutions, including Coursera (NYSE: COUR), Lecturio Medical (Germany), HCI (Australia), Escape Studios (UK), the World Affairs Council-DC, and American University of Afghanistan (USAID funded), where he currently serves as Vice Chair of the Board.

He was a member of the Education Leadership Council at the Brookings Institution for several years and is currently a Term Member at the Council on Foreign Relations and a National Security Fellow at the Truman National Security Project. Emal also serves on the Welcome Council of Welcome.US, a bipartisan initiative to empower Americans to welcome refugees. Emal holds a Bachelor's degree in Economics with a minor in German from UCLA and an MBA from the Kellogg School of Management at Northwestern University.

managing director
Emal Dusst
Principal

Sameep Wali

Prior to ETS Capital, Sameep was a VP at Baird® where he executed M&A and debt financing transactions spanning multiple industries. Prior to this, Sameep held underwriting and M&A roles at Capital One® and SunTrust Robinson Humphrey®.

Sameep received a B.S. degree in Finance and International Business 
from Indiana University.

Principal
Sameep Wali
Principal

Mike May

Prior to joining ETS Capital, Mike was an Investment Banking Director at Solomon Partners specializing in advising public and private clients around the globe on mergers, acquisitions, partnerships and debt & equity capital raises. Before Solomon, Mike was a Vice President in 
the TMT Investment Banking Group
at TD Cowen.

Mike received a B.S. degree in Finance and English from Boston College.

Principal
Mike May
PRINCIPAL

Mike Rossmann

Prior to joining ETS Capital, Mike was a Vice President at Wells Fargo Securities, where he executed M&A transactions spanning multiple industries. Prior to Wells Fargo Securities, Mike worked in strategy consulting for Cartesian. Mike received an M.B.A. from the Yale School of Management and a B.S. degree in Business Administration from Carnegie Mellon University.
PRINCIPAL
Mike Rossmann
PRINCIPAL

Malone Ma

Prior to ETS, Malone led the portfolio company management division of HNA Group North America, specializing in the aviation industry. Prior to HNA, Malone was senior director in T.A. McKay & Co., Inc, analyzing distressed investment opportunities across multiple industries.

He received his MS in Finance at the University of Illinois at Urbana-Champaign, and a BA in Business Administration from CSU East Bay, 
as well as the Chartered Financial 
Analyst (CFA) designation.

PRINCIPAL
Malone Ma
Director

Smit Desai

Smit brings over a decade of experience across investment banking, corporate development, and business strategy to his role at ETS.

Before joining ETS, he led strategy and corporate development for a subsidiary of Yubi, an Indian fintech unicorn. He also completed several acquisitions as part of the corporate development team at upGrad, a leading Indian edtech company. Prior to that, Smit was in the investment banking team at EY where he executed numerous M&A and fund raise transactions across various industries.

Smit holds an MBA from the Indian School of Business, Hyderabad, and is a rank holder Chartered Accountant. He completed his undergraduate degree in commerce from Mumbai University.

Director
Smit Desai
ASSOCIATE

Tim Zhao

With professional investment experience across corporate VC and Equity investments, Tim has worked at JD.com and New York hedge fund SRS Investment Management, where he analyzed Chinese internet and technology sectors. Prior to this, he also worked at PricewaterhouseCoopers® in China.

He received a Master of Business Administration From NYU's Stern School of Business as well as the University of Southern California. Tim is fluent in Mandarin and Cantonese Chinese.

ASSOCIATE
Tim Zhao
ANALYST

Jasmyn Kaur

Prior to joining ETS Capital, Jasmyn worked as an associate gaining exposure to Telecoms, Media and Tech (TMT) strategy consulting and commercial due diligence for Private Equity and Corporate clients in India, emerging Asia and Middle East.

Jasmyn has received a B.A degree in Economics and Psychology from Lady Shri Ram College for Women.

ANALYST
Jasmin Kaur
Executive assistant

Melanie Clayton

Melanie has been with ETS for over 14 years, providing service as a Process Coordinator and a Sr. Administrative Assistant in key areas of the company, including Scoring and Reporting Operations, K-16 and Praxis. Prior to ETS, Melanie worked as an Inventory Management representative at The Hibbert Group where she was responsible for handling diversified, multi-level accounts for client inventory. Melanie is currently working towards her B.A. degree in Liberal Studies from William Paterson University.
Executive assistant
Melanie Clayton

Contact ETS Capital

Get in touch to learn how we can work together to build a better world.
Email us at: info@ets.capital