Online education provider Byju’s announced on Wednesday that it has acquired Epic, a digital reading platform for children, for $500 million, which is about Rs 3,700 crore.
Epic CEO Suren Markosian and co-founder Kevin Donahue will remain in their positions, according to a statement from Byju’s.
The edtech major said it will further invest $1 billion in North America to accelerate its vision to help students fall in love with learning.
The acquisition of Epic will help Byju’s expand its presence in the United States by providing access to more than two million teachers and 50 million children among Epic’s existing user base around the world, which has more than doubled in the past year. .
“Our partnership with Epic enables us to create engaging and interactive reading and learning experiences for children around the world. Our mission is to spark curiosity and make students fall in love with learning. Knowing that Epic and its products being rooted in the same mission, it was a natural fit. Together, we have the opportunity to create impactful experiences for children’s lifelong learning,” Byju Raveendran, Byju’s founder and CEO, said in a statement.
The alignment of missions and shared passion makes Byju’s the perfect partner, as Epic is confident that this acquisition will spark excitement for learning around the world, said Mr. Markosian, Epic co-founder.