Bengaluru-based edtech firm AEON Learning has acquired Acadgild in an all-stock deal worth $10 Mn. Post the deal completion, Vikalp Jain, co-founder of Acadgild will join AEON Learning as President.
With this acquisition, AEON Learning aims to tap into the fast-growing online higher education market, which is pegged to be a $1.96 Bn industry by 2021 as per a latest KPMG-Google report.
AEON Learning And Acadgild: Where The Startups Synergies Got Matched
AEON Learning is focused on providing online degree programmes and skill development courses to universities through its platform Avagmah. The startup reaches out to 22,000 students across 66 countries and partners with over seven institutes and universities and over 36 corporates across the globe.
AEON Learning till date has raised a cumulative funding of $6.5 Mn and expects to reach a student base of over 100,000 in five years time.
In words of Karthik KS, Founder and CEO of AEON Learning, Acadgild’s leadership and strengths in delivering cutting-edge short-term IT skills complement Avagmah’s leadership in supporting universities in offering their long-term courses using technology. “This acquisition, thus, offers us a tremendous opportunity to shape the future of the global workforce to produce readily deployable skilled talent,” he added.
Vikalp further stated, “There are clear synergies in the business processes and target markets of both Avagmah and Acadgild and this acquisition puts us in a formidable position to address both education and reskilling needs of working professionals and will help us grow and scale faster than ever”