M&A
Edtech unicorn Byju's buys US-based reading app Epic for $500-M
Bengaluru-based edtech unicorn Byju's has acquired Redwood City, CA (USA)-headquartered reading platform Epic for USD 500 million. The deal involves both cash and stock, and Epic founders Kevin Donahue and Suren Markosian will continue to run the business. Epic operates an eponymous digital reading platform for kids aged 12 or younger. The platform, which has a presence across 90% of elementary schools in the US, has amassed more than 2 million teachers and 50 million kids (up from 20 million last year). Byju's, which launched a learning app featuring Disney characters in the US earlier this month, now has three large offerings in the US that are expected to generate USD 100 million each in revenue this year alone. Byju's also plans to bring Epic's offering to India and other markets.
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