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

Pricing Power Pays While the Rest of the Sector Holds Its Ground

This update covers share moves, company announcements and new transactions 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

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

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › EDUCATION TECHNOLOGY SOFTWARE

   This is the cover for the Education Technology Software bi-weekly industry events and M&A update for September 11–25, 2026.

   We open this bi-weekly update on Education Technology Software, covering the period September 11–25, 2026. Over the next pages we walk through what changed, who moved and why, what transacted, and what it means for the market.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › EDUCATION TECHNOLOGY SOFTWARE Pricing Power Pays While the Rest of the Sector Holds Its Ground This update covers share moves, company announcements and new transactions 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 Carry the Period While Most Names Hold Steady

   This page summarizes the two-week period in one view across the 11 covered names.

   Six of the eleven covered names rose over the period, with a median move of +1.0%, essentially in line with the S&P 500's +1.1%. The return was narrow: Nebius Group N.V. (NBIS) gained +8.4% on a compute price increase, while Huron Consulting Group Inc. (HURN) added +5.2% and Coursera, Inc. (COUR) fell -3.1%. One transaction was recorded in the window, Phoenix Education Partners' agreement to acquire Fuel50 Inc., with no price disclosed. So what: pricing power, not broad participation, is what separated winners from the rest of the group this period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Pricing Actions Carry the Period While Most Names Hold Steady 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 set moved in line with the S&P 500 at +1.1%. Participation was narrow: the return came from two names rather than from the group. 2 The Period's Clearest Return Came from a Price Increase, Not a Volume Story Nebius Group N.V. (NBIS) gained +8.4% over the window, with its strongest single day on Sep 24 at +7.4%, following its announcement that pay-as-you-go prices for selected chips rise from October 1. 3 Learning Platforms and Services Split Rather than Trended Together Huron Consulting Group Inc. (HURN) rose +5.2% while Coursera, Inc. (COUR) fell -3.1%. Institutional-facing and consumer-facing revenue did not trade as one block in this two-week period. 4 One Transaction Was Announced, with No Disclosed Price Phoenix Education Partners, Inc. agreed to acquire Fuel50 Inc. on Sep 16. NeuraCap's read: the window confirms the standing view that the sector prices as three groups, with the Premium tier at 17.8x, a sector median of 9.3x and the Discount tier at 1.1x. +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

   Compute Pricing Leads; Learning Platforms Move on Their Own Terms

   This page ranks the two-week share price moves for all covered names against the sector median and the S&P 500.

   Nebius Group N.V. (NBIS) led the group with a +8.4% move, its strongest single day at +7.4% on September 24, tied to its announced compute pricing increase. Huron Consulting Group Inc. (HURN) rose +5.2% while Coursera, Inc. (COUR) declined -3.1%, so institutional-facing and consumer-facing names did not move together. Against a sector median of +1.0% and the S&P 500 at +1.1%, we set the materiality bar at 4.2% to separate signal from noise. So what: only pricing-linked names cleared that bar this period, and that is where the client conversation should start.

   Everything on this page

   PUBLIC MARKET MOVERS Compute Pricing Leads; Learning Platforms Move on Their Own Terms 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 following the Sep 17 announcement, reported by Reuters, that Nebius will raise pay-as-you-go prices for selected chips from October 1 — its second increase in three months. The strongest day was Sep 24 at +7.4%. Compute is repricing upward, and learning products built on rented compute carry that cost. COMPANY-SPECIFIC Huron Consulting Group Inc. (HURN) +5.2% No notable in-window news was identified that clearly explains the move. The +5.2% gain ran ahead of the sector median of +1.0%. Institutional advisory exposure remains a steady contributor to the sector's return profile. UNEXPLAINED Coursera, Inc. (COUR) -3.1% No notable in-window news was identified that clearly explains the move. The -3.1% return sat below the sector median of +1.0%. Consumer subscription platforms are still judged on paid conversion and retention, not headline growth. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Guidance Held, Prices Raised, Leadership Changed

   This page lists the period's highest-impact company announcements and industry catalysts.

   The clearest catalyst in the window was Nebius Group's announcement that pay-as-you-go prices for selected chips rise from October 1. Elsewhere, guidance held across most covered names and at least one leadership change was recorded in the period. Each item links back to its filing or article, and our read on why it matters is kept separate from the recorded fact. So what: pricing actions, not guidance changes, were the catalyst that moved prices this period.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Guidance Held, Prices Raised, Leadership Changed 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 plan from a children's publishing and education group is a read on district and consumer buying holding steady through the early part of the school year. Publishers carrying both print and digital mix are still able to hold the year's plan. Sep 22 · NEWS · GlobeNewsWire Barnes & Noble College released a university leadership title benefiting student scholarships The item shows a campus relationship being used for more than course materials. Installed campus positions are the asset buyers underwrite in this part of the sector. Campus-facing businesses defend position through the depth of the institutional relationship. Sep 22 · NEWS · Business Wire Huron was named a Best Firm to Work For by Consulting Magazine for the 16th consecutive year In institutional advisory the delivery capacity is people. A repeat workplace recognition speaks to the firm's ability to hold the consultants who carry client relationships. Talent retention is an operating input for services names selling into universities. Sep 11 · NEWS · 24/7 Wall Street Nebius traded higher with AI cloud peers after a large backlog disclosure lifted the group Committed compute capacity is now a visible signal for the whole group. Education platforms buying training and inference capacity sit downstream of that demand. Demand for AI capacity sets the cost base for AI-native learning features. Sep 21 · NEWS · Business Wire Coursera announced a transition in its legal leadership The legal function carries weight at a platform managing university revenue-share agreements, student data obligations and credential partnerships. Governance roles matter where revenue depends on institutional contracts and data rules. Sep 17 · NEWS · Reuters Nebius will raise pay-as-you-go prices for selected chips from October 1, a second rise in three months Rising compute prices feed directly into the cost to serve AI tutoring and support features. The argument that AI deflates cost-to-serve gets harder when the input reprices twice in three months. AI cost-to-serve assumptions need rechecking when compute vendors reprice inside a single quarter.

5. 05
   M&A & STRATEGIC ACTIVITY

   One Transaction Puts Capability Buying Back on the Record

   This page presents the one M&A transaction announced in the period.

   Phoenix Education Partners, Inc. agreed to acquire Fuel50 Inc. on September 16, with no purchase price disclosed. The deal lands within a sector that continues to price as three distinct tiers: a Premium group at 17.8x, a sector median of 9.3x, and a Discount tier at 1.1x. So what: this transaction confirms capability buying is still active in the space, even without a disclosed multiple to benchmark against.

   Everything on this page

   M&A & STRATEGIC ACTIVITY One Transaction Puts Capability Buying Back on the Record 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. acquires Fuel50 Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows an announced deal on Sep 16, terms undisclosed. An education provider buying capability directly fits a sector where institutions more often partner under revenue share than buy outright. HOW THE TARGET WAS VALUED No enterprise value was disclosed, so the transaction adds a precedent without a price point. NeuraCap's standing lens for this sector is EV / EBITDA, with a sector median of 9.3x.

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisers

   This page translates the period's evidence into implications for operators, acquirers and advisers.

   For operators, the period's gains came from pricing and renewal quality, not volume, which points to where margin is being protected. For acquirers, Phoenix Education Partners' agreement to acquire Fuel50 Inc. sets a new precedent without setting a new price point, since no enterprise value was disclosed. For advisers, the spread between a +8.4% mover and a -3.1% mover argues for leading conversations with revenue mix rather than a single sector label. So what: the same two weeks of evidence supports three different, specific actions depending on where a client sits.

   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 Mix and Renewal Quality Did the Work This Period Companies in the space traded higher on the strength of what they can charge and keep, not on volume. FOR ACQUIRERS A New Precedent, but No New Price Point One transaction was announced in the window — Phoenix Education Partners, Inc. for Fuel50 Inc. — with no disclosed enterprise value. FOR ADVISORS Lead with Revenue Mix, Not the Sector Label The period supports the standing thesis that this sector trades as three groups rather than one. The evidence to lead with: 6 of 11 covered names rose with a median move of +1.0% against the S&P 500 at +1.1%, and the spread ran from +8.4% at Nebius Group N.V.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind every figure in the update.

   Every figure in this update links back to the SEC filing, press release or market data point it was taken from. We rely on a fixed source order — filings first, then press releases, then established outlets — and calibrated language throughout to separate observed fact from our read of it. So what: clients can trace any number in this deck back to its original record 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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