India’s largest educational tech. company Byju’s will be making yet another acquisition, buying up the American digital reading platform Epic for over $500 million. The acquisition marks the company’s foray into the North American market where it will be investing the sum of a billion dollars over the next two years.
Epic is a digital reading platform that comprises a collection of more than 40,000 popular, high-quality books from 250+ of the world’s best publishers. The US-based company runs a subscription service that gives access to thousands of books, videos, and quizzes from leading publishers for kids below the age of twelve years.
The Bengaluru-based ed-tech startup has been looking at building its dominance in the Indian education ecosystem through a series of acquisitions over the past two years. Earlier in April, it acquired Akash Educational Services for $950 million, its costliest purchase yet. Byju’s has also acquired other educational platforms like coding platform WhiteHat Jr, Osmo, LabInApp and is expected to close a deal with Topper in a few weeks.
Talking about the deal, Co-founder and CEO of Epic Suren Markosian said, “We created Epic to make quality books more accessible to kids everywhere… Together, we can help empower future generations of kids by fostering a lifetime love for reading and learning. ”
In a statement, Byju’s said that Epic’s model was in adherence with its mission to help children become life-long learners. It also called North America one of the company’s most lucrative markets and announced an investment of 1 billion dollars in the region. The latest acquisition would allow Byju’s to get access to about 2 million teachers and 50 million students on Epic.