Byju's acquires digital reading platform Epic for $500 million
The acquisition will help Byju's expand its footprint in the US
Edtech unicorn Byju’s on Wednesday said it has acquired Epic, a US-based digital reading platform for kids, for $500 million (about Rs 3,729.8 crore). The Bengaluru-based unicorn will invest an additional $1 billion in North America to accelerate its vision of “helping students fall in love with learning”, a statement said.
The acquisition will help Byju’s expand its footprint in the US by providing access to the more than two million teachers and 50 million kids in Epic’s existing global user-base, which has more than doubled over the last year, it added.
Epic CEO Suren Markosian and co-founder Kevin Donahue will remain in their roles, it added.
“Our partnership with Epic will enable us to create engaging and interactive reading and learning experiences for children globally. Our mission is to fuel curiosity and make students fall in love with learning. Knowing that Epic and its products are rooted in the same mission, it was a natural fit. Together, we have the opportunity to create impactful experiences for children to become lifelong learners,” Byju Raveendran, founder and CEO of Byju’s, said.
The alignment of missions and shared passion makes Byju’s the perfect partner, as Epic is confident that this acquisition will ignite excitement for learning around the world, Markosian, co-founder of Epic, said.