Edtech major Byju’s on Wednesday announced the acquisition of Austria-based GeoGebra, to augment its product portfolio and expand its learning formats. Though financial details were not disclosed, sources put the deal size at around $100 million.
GeoGebra specialises in building an interactive mathematics learning tool that brings together varied applications, including geometry, algebra, spreadsheets, graphing, statistics and calculus, within a single format. GeoGebra will continue to operate as an independent unit within the Byju’s group under the leadership of its founder and developer Markus Hohenwarter, the two companies said in a joint statement.
Currently valued at around $18 billion, Byju’s has already spent over $2 billion in acquisitions this year, including some big deals. In April, the company acquired brick-and-mortar test prep service provider Aakash Educational Services (AESL) for close to $1 billion, inking one of the biggest M&A transactions in the edtech space. In July, it acquired US-based kids’ digital reading platform Epic in a $500-million deal, and edtech startup Great Learning for $600 million. The spate of acquisitions has been backed by a series of funding that the company has garnered from investors. So far this year, the company has already raised over $1.5 billion, and is reportedly in the middle of raising more capital that could propel its valuation to around $21 billion.
“This acquisition complements Byju’s overall product strategy and integrates GeoGebra’s capabilities to enable the creation of new product offerings and learning formats to its existing mathematics portfolio,” the company said.
"Together with our combined strengths, we will have a wider reach and the best resources to build innovative and exciting next-generation learning formats,” adds Anita Kishore, chief strategy officer at Byju’s.
GeoGebra claims to have a community of over 100 million learners across more than 195 countries. Byju’s says it has a reach of over 115 million students, including seven million annual paid subscribers.