Bengaluru, November 28 : Edtech company Simplilearn on Monday announced that it has acquired a US-based bootcamp education company, Fullstack Academy, for an all-cash transaction. The company, however, did not disclose the acquisition amount. The acquisition, said the company, will help it drive revenue growth to $200 million by FY24, of which 70 per cent is likely to come from global markets. Benesse, the Leading Education Company of Japan, Enters India.
"Through Fullstack Academy's wide-spread footprint in the US and its strong partnerships with top universities, we are confident that this collaboration will enable us to accelerate our global expansion plans," said Krishna Kumar, Founder and CEO, Simplilearn. This will be the company's second acquisition after Market Motive in 2015.
Simplilearn said it has grown by over 60 per cent in the past year. The company, which provides training for professional certification courses, last week raised $45 million in Series E funding round from a consortium led by GSV Ventures. Indian-origin Education Entrepreneur Launches New Schools Initiative.
Fullstack Academy has built strong partnerships with 20 university and industry partners, growing to over 7,000 alumni across the US. It also runs the Grace Hopper Programme' with an aim to encourage women and nonbinary students to pursue tech careers.
Fullstack Academy has over 300 employees spread across the US and is on track to deliver over $30 million in revenue this year. "Simplilearn is the world's No. 1 online digital bootcamp. I look forward to leveraging our shared vision with Simplilearn to bridge the digital skills gap in the US market," said Jerrad Tausz, CEO of Fullstack Academy.
(The above story first appeared on LatestLY on Nov 28, 2022 11:02 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).