Online education software provider 2U secures $120m in IPO.

2U, a US-based software as a service supplier for online learning, has raised $120m in their initial public offering.

2U provides educational institutions with the comprehensive operating infrastructure needed to attract, enrol, educate, support and graduate their students in a cloud-based platform. Partner universities include the University of Southern California, Georgetown University, and others, even reaching as far as the University of Melbourne in Australia. 

Goldman Sachs and Credit Suisse Securities are acting as joint book-running managers for the offering. Needham & Company, Oppenheimer, and Pacific Crest Securities are acting as co-managers.

9,175,000 million shares of common stock were offered at a cost of $13 per share. This included 1,175,000 shares offered by selling stockholders. 2U is trading on the Nasdaq under the ticker TWOU.

The company is also offering the underwriters a 30-day option to purchase an additional 1,376,250 shares of common stock. 

Previously the company had raised $92.5m through funding rounds.