Bengaluru based edtech company AEON Learning Private Limited, which is backed by Kris Gopalkrishnan, today announced that it has acquired Acadgild, an online edtech startup that offers high-end tech skills to mid-career IT professionals for $10 million in an all stock deal. As a result of this acquisition, AEON Learning emerges to be one of the largest players in the online education industry for ambitious young busy working professionals in India encompassing both education and skill development courses. AEON reaches to 22,000 students across 66 countries, with 20% business originating from the US. The company aims to tap into the fast growing online higher education market, which is pegged to be a $1.96 billion industry by 2021 (as per a latest KPMG-Google report)
Karthik KS, Founder and CEO of AEON Learning said, “Acadgild’s leadership and strengths in delivering cutting-edge short-term IT skills complement Avagmah’s leadership in supporting universities in offering their long term courses using technology. This acquisition offers us a tremendous opportunity to shape the future of the global workforce to produce readily deployable skilled talent. The acquisition was the result of finding a perfect synergy of technology, talent and target audience between Acadgild and Avagmah.
Acadgild takes a differentiated approach and offers a hybrid model that combines live classes and an online platform for learning. Acadgild offers programs on leading edge technology skills with hands-on mentorship from industry experts. It works with various corporates offering over 35 industry ready skill development courses, some of them being android programing, analytics, big data and more.
Vikalp Jain (co-founder of Acadgild), who joins as President of AEON Learning said, “There are clear synergies in the business processes and target markets of both Avagmah and Acadgild and this acquisition puts us in a formidable position to address both education and reskilling needs of working professionals and will help us grow and scale faster than ever”
AEON Learning till date has raised a cumulative funding of $6.5 million and expects to reach a student base of over 100,000 in 5 years time.
Acadgild received initial investment from venture capital firm Jupiter Capital, Enki and K Ganesh of GrowthStory and works with corporates like GE, Capgemini, Cognizant, Oracle and more. Avagmah is backed by marquee investors like Kris Gopalakrishnan of Infosys, Sri Hari of Lion Rock Capital, Atul Nissar of Aptech and Meena Ganesh.