Hotmart, a global online education platform with deep penetration in Brazil and Portuguese and Spanish markets, has acquired New York-based Teachable, an online marketplace that allows educators to sell their online courses and build up their own classroom businesses.
While the companies did not disclose the details of the deal, according to TechCrunch, the acquisition was for around $250 million.
Announcing the news, excited João Pedro, Co-founder and CEO of Hotmart, wrote in a blog post,
“Today, we jump from 670 to 800 people and the USA becomes a very solid market for Hotmart. I’m very happy to announce that Hotmart has acquired Teachable and we are now welcoming our new friends aboard our ship to join the family. Teachable is the market leader of its category in the US and it counts tens of millions of students accessing its platform, and $500 million earned by its creators.”
While Pedro did not mention the details of the deal, he said “The transaction is still subject to customary closing conditions and regulatory approvals and expected to close in the second quarter of this year.”
Explaining the identical missions of the two companies, Pedro wrote: While we were striving towards “Helping more people live from their passions”, Teachable was striving to “Enable creators to transform their knowledge into income” with the same understanding of what we create in our companies is far more than just software, but a really transforming tool that matters and makes a difference in people’s lives.”
Teachable also announced the acquisition in a blog post, writing,
“We’re excited to announce that we have been acquired by Brazil-based Hotmart, one of the leaders in the digital product distribution market in Latin America and Europe. This new partnership will allow us to further our mission and to empower even more creators – now, on a truly international scale.”
The company, addressing to its customers, further wrote highlighting its future prospects with the partnership:
“We’ll still be the Teachable you know and love, but with this partnership we can accelerate our product development, continue hiring best-in-class talent, and help you reach global audiences – all with the help of Hotmart.”
Meanwhile, both the companies reiterated on their respective blog post that Teachable will continue to exist with its business and brand and will remain independent even after the acquisition. It is said that leadership in the companies will remain the same, with Ankur Nagpal as CEO of Teachable, and João Pedro as the Hotmart CEO and the global CEO of the newly formed group.
Founded in 2014, Teachable provides an online course creation platform for educators with the mission to make education accessible, engaging, and profitable. It provides course creators everything they need to create, market, and sell their course online, allowing them to transform their knowledge into income. The company claims its platform has been used by more than 50,000 creators, teaching nearly 30 million students, and have earned over a half billion dollars. It claims that its members teach more than 20,000 students every single day and earn close to a million dollars.
Hotmart, on the other hand, has creators and employees spanning the globe from Latin America to Europe. It has millions of students, over 150,000 products registered on its platform, sales in over 180 countries, and a staff of around 700 spread around the world.
The acquisition has made them become one of the largest edtech companies in the world, and together, they will likely make it a major competitor in the online course space.