Edtech major Byju’s on Wednesday said it has acquired Epic, a digital reading platform for kids, for USD 500 million (about Rs 3,729.8 crore).
The company will invest an additional USD 1 billion in North America to accelerate its vision of “helping students fall in love with learning”, a statement said.
The acquisition will help Byju’s expand its footprint in the US by providing access to the more than two million teachers and 50 million kids in Epic’s existing global user-base, which has more than doubled over the last year, it added.
Epic CEO Suren Markosian and co-founder Kevin Donahue will remain in their roles, it added.
“Our partnership with Epic will enable us to create engaging and interactive reading and learning experiences for children globally.
Our mission is to fuel curiosity and make students fall in love with learning. Knowing that Epic and its products are rooted in the same mission, it was a natural fit. Together, we have the opportunity to create impactful experiences for children to become lifelong learners,” Byju Raveendran, founder and CEO of Byju’s, said.
The alignment of missions and shared passion makes Byju’s the perfect partner, as Epic is confident that this acquisition will ignite excitement for learning around the world, Markosian, co-founder of Epic, said.
“Together, we can help empower future generations of kids by fostering a lifetime love for reading and learning,” Markosian added.
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 statement said.