Byju’s acquires Austrian math platform GeoGebra in $ 100 million deal
The deal, via a mix of cash and stocks, would reach $ 100 million, people briefed on the matter have said.
Byju’s has not commented on the size of the case.
GeoGebra will continue to operate as an independent unit under the leadership of its founder and developer Markus Hohenwarter, he said.
Byju’s said this acquisition complements its overall product strategy and will help create new product offerings and new learning formats for its existing math portfolio.
“At Byju, with the help of innovative teaching and technology, we’ve made math fun, visual and engaging. And with GeoGebra on board, we will continue to improve, reinvent and transform the way math is taught and learned, ”said Chief Strategy Officer Anita Kishore.
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“Designed to improve mathematical comprehension, it (GeoGebra) offers important features that provide interactive resources that adapt to each child’s style and pace of learning,” she said.
It is the latest in a series of acquisitions by the nation’s leading electronics technology company to solidify its position in an industry that has gained traction around the world amid the Covid-19 pandemic.
So far in 2021, the Bengaluru-based company has already spent more than $ 2 billion on acquisitions that include the Aakash Institutes physical coaching network for nearly $ 1 billion in April, a $ 500 million deal. in cash and in shares to acquire children. Epic learning platform in July and a $ 600 million cash and stock deal for the Great Learning vocational and higher education platform.
In September, it acquired the US-based coding platform Tynker for $ 200 million to boost its overseas expansion. Earlier this year, Byju’s launched ‘Future School’, an offering through which it expands its presence in the US, UK and Brazil. The company expects a significant contribution from revenues from its overseas markets in the future.
“I have no doubts that this partnership will help millions of students learn mathematics interactively, enabling them in turn to overcome their fear of mathematics and learn to master it,” said Hohenwarter of GeoGebra.
Byju’s, the most valued Indian startup with $ 18 billion, last month raised $ 1.2 billion via a term loan in the overseas market, as ET reported.
It had posted operating income of Rs 2,381 crore in FY20, compared to Rs 1,306 crore in FY19, according to its regulatory documents. Its consolidated loss widened to Rs 262 crore in fiscal 2020, up from Rs 8.9 crore a year earlier.