Ed-tech major Byju’s said Wednesday it 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 transaction comes a little over three months after the Bengaluru-based startup acquired Indian brick-and-mortar test prep service provider Aakash Educational Services in a near $1 billion deal, one of the biggest in the local ed-tech space. The deal with Epic, therefore becomes Byju’s second biggest deal.
Byju’s 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-founder 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 sometime 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 personalised learning for students, but also enable Byju’s to become a natural part of America’s learning culture,” the company said in a statement. —FE