Indian education technology frim Eruditus has acquired STEM learning and online education company iD Tech in a deal worth $200 million.
The acquisition will be Eruditus’ first push into the K-12 learning market, having previously focused on systems for higher education. It is also Eruditus’ first acquisition since it was founded in 2010.
“The K-12 segment is not something that Eruditus has a footprint in. So, it makes sense for us to acquire and enter through a partnership like this, a strategic one,” said Eruditus co-founder and chief executive Ashwin Damera.
According to the agreement, iD Tech will continue to operate independently, keeping its team of instructors and employees on its roster. Eruditus will provide iD Tech services to consumers across Southeast Asia, Latin America, and China.
Nearly all of the services Eruditus provides are contracted through other companies and organizations, and provides services via partnerships with major universities and centers of learning.
Prior to the pandemic, iD Tech held summer camps at over 150 universities, but decided to hold those online in 2020 due to restrictions and COVID-19 safety precautions.
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