iNDICA NEWS BUREAU-
Indian edtech unicorn Byju’s has acquired US-based kids digital reading platform Epic in a $500 million deal, as it aims to make inroads into the key overseas market, the company said on Wednesday, July 21.
The Bengaluru-based startup has been taking huge strides right after the coronavirus pandemic hit the world and online education became a norm.
The move comes after acquiring a well-known Indian brick-and-mortar test prep service provider Aakash Educational Services in a near $1 billion deal. Aakash Educational Services at that time was one of the biggest in the local ed-tech in their space.
The company said that the acquisition of Epic that caters to kids aged 12 and under will help broaden its footprint in the US as the firm will get access to Epic’s rich global user base that is said to have doubled over the last year and now comprises more than 2 million teachers and 50 million kids.
Epic CEO and co-founder Suren Markosian and other co-founders Kevin Donahue, will, however, remain in their roles.
The US-based platform’s interactive reading model for kids is in sync with the long-term growth strategy of Byju’s that counts the K-12 segment as a focus area.
Founder and CEO Byju Raveendran said that the firm’s partnership with Epic will enable it to create engaging and interactive reading and learning experiences for children globally.
Byju’s has also earmarked a significant $1 billion worth of investments for North America. The company that has been chalking out a broad international foray for some time had acquired US-based Osmo, a maker of educational games in a $120 million deal in 2019.
“Byju’s has aggressive plans for international and US market expansion, and the acquisition with Epic will not only lead to significant investments in technology that will help to further personalized learning for students, but also enable Byju’s to become a natural part of America’s learning culture,” the company said in a statement.