Higher edtech platform Simplilearn, promoted by private equity firm blackstone, has bought US-based bootcamp education company fullstck Academy as it looks to strenghth in its business in north america.
The acquisition comes at a time when competition in the higher learning upskilling space is intensifying amid a downturn in online learning.
Simplilearn
Edtech startup Simplilearn has acquired US-based bootcamp edtech startup Fullstack Academy in an all-cash deal. The startup did not share the financial details of the deal. Reportedly, the acquisition will help Simplilearn drive revenue growth up to $200 Mn by the financial year 2024. The development comes a week after Simplilearn secured $45 Mn in a funding round led by GSV Ventures. Clal Insurance and ADQ’s venture platform DisruptAD also participated in the funding round.
On Monday, Simplilearn announced that it has acquired Fullstack Academy, a US-based bootcamp education company for an all-cash transaction. This is the company’s second acquisition after Market Motive in 2015.
Twelve-year-old Simplilearn is a digital upskilling platform that provides training in cyber security, cloud computing, project management, digital marketing, and data science, among others. The bootcamps are co-created with universities MIT and Caltech and leading industry partners like IBM, Microsoft Azure, Meta, Amazon, and KPMG via live online classes.
Revenue of Simplilearn
BCP Topco XI Pte Ltd, a private equity firm linked to Blackstone Inc. remains the largest stakeholder with 61.41% stake. In August 2021, Blackstone put in $250 million (Series D, secondary) in Simplilearn. Before that, it was valued at $80 million during Series C round in 2016.
The Bengaluru and San Francisco-based company claims that it has seen significant growth in the past year and has added more than 1,20,000 paid B2C learners, and over 1,00,000 enterprise learners on its platform.
Simplilearn’s revenue from operations grew over 40% to Rs 479.7 crore during FY22 as compared to Rs 341 crore in FY21. As per the annual financial statement with the RoC, its losses shot up 26X to nearly Rs 150 crore in FY22 from Rs 5.65 crore in the preceding fiscal year (FY21).
READ ALSO:-
Edtech startup Simplilearn Raises $45 Mn by GSV Ventures
Crio :-New Edtech Startup will operate under Skill-Lync Group
Edtech Platform BlueLearn New Office In Bangalore