The office address listed on the company’s documents is 77 Vogel Street in Dunedin, the second-largest city in New Zealand, which is difficult for most persons outside of the Southern Hemisphere to find on a map. Dunedin is renowned for its chilly climate, Victorian architecture, university, and relative isolation from the outside world.
At first appearance, it doesn’t seem like the kind of area where a multinational education technology company grows and eventually draws the interest of KKR, one of the biggest private equity companies in the world, with enough momentum to warrant a majority stake acquisition in 2021. But that’s exactly what Education Perfect accomplished, starting in 2007 when Shane and Craig Smith began developing what has grown to be one of the more subtly significant K–12 digital learning platforms used throughout the Pacific Rim and beyond.
Today, Education Perfect Ltd. employs about 879 people on five continents and earned $37.6 million in sales in 2025. The EP Learning Cycle, the company’s flagship product, is intended to sit at the nexus of curriculum-aligned content and real-time teacher insight, providing a framework that allows teachers to see, with some granularity, where each student stands in their learning progress and modify instruction accordingly.
Teachers often start by mentioning the differentiating capabilities. Students who are still working through the core material do not cycle through the same information as those who have previously mastered a subject. When one instructor described the results as seeing pupils working at a level suited for them and watching apparent progress that wasn’t there previously, she meant that the platform changes along with the teacher’s workload.
The KKR investment in 2021 offered Education Perfect access to resources and deal-making ability that the business used to make acquisitions, at a time when institutional capital was paying special attention to edtech due to the pandemic-driven acceleration of digital learning technologies. With the allegedly A$40 million Essential Assessment transaction in 2023, EP expanded its reach into the Australian primary sector and added a primary school assessment platform to its portfolio.
Instead of focusing on specific classes, the EdPotential acquisition brought data analytics capabilities aimed at the school system level. The group’s CEO, Jonathan Morgan, is in charge of a leadership team that includes general management, engineering, and revenue for the company’s growing product line.
The rhetoric used in the company’s internal culture, such as EPeeps, the emphasis on diversity and inclusion, and the framing of product development as “humanizing technology,” is similar to that found in many technological businesses and is occasionally more aspirational than practical.
It seems like EP has at least partially supported its cultural language with a product that instructors find really helpful rather than an administrative imposition, based on the teacher testimonials and the platform’s consistent growth in the market. In the K–12 edtech arena, this distinction is crucial since the factor that most consistently distinguishes platforms that are used from those that are bought, used for a short time, and then quietly abandoned is teacher buy-in.
The question that will determine Education Perfect’s future will be whether it keeps growing at its current rate under private equity ownership or if KKR eventually looks for a liquidity event through more acquisitions or capital markets activity. The platform functions. K–12 curriculum-aligned digital learning is a sizable, fiercely competitive business that is still undergoing consolidation.
Observing EP expand from Dunedin to five continents while maintaining its Vogel Street headquarters, there’s something that seems really typical of how long-lasting technology firms might occasionally build: discreetly, from the product out, at a location no one was particularly observing.
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