Online higher education pioneer upGrad has acquired KnowledgeHut, a leading training platform that helps professionals develop new expertise and bridge their skill gap. The financial terms of the deal were not disclosed.
The transaction comes within weeks of upGrad earmarking $250 million for mergers and acquisitions to drive non-linear growth for the next seven to nine months.
Founded by Subramanyam Reddy in 2011, KnowledgeHut is a global EdTech company that aims to equip the global workforce with the skills of the future through outcome-based immersive learning. The platform has trained over 250,000 professionals and empowered over 500 enterprises to build the skills that drive results, with a product offering of over 200 courses across in-demand areas of Web Development, Machine Learning, AI, and Data Science, Agile and Project Management, IT Service Management, Cyber Security and Cloud Computing.
Announcing the acquisition, upGrad Chairperson and Co-founder, Ronnie Screwvala, said,
“With KnowledgeHut on board, our focus on being an integrated lifelong learning partner for powering career success for the global 1 billion workforces just got stronger. KnowledgeHut’s presence in 70+ countries will further upGrad's ambition of liberalizing quality online education around the world.”
With the acquisition of KnowledgeHut, upGrad has forayed into the short duration upskilling and reskilling segment which has a market potential of over $58 billion. The combined force will allow KnowledgeHut - now rebranded as ‘KnowledgeHut, an upGrad company,’ will offer learners a scalable and immersive learning model, to upskill and help them drive meaningful career outcomes, through its next-gen flagship learning experience platform, PRISM.
Subramanyam Reddy, Founder and CEO, KnowledgeHut, said,
“With our focus on short-term professional upskilling, KnowledgeHut is driving outcome-based immersive learning for global technologists and the wider professional community. Given our position in global markets, this synergy with upGrad will further strengthen and support that vision. The acquisition paves the way for upGrad to empower B2B customer segments across geographies including the United States and the Asia Pacific.”
Post-acquisition, KnowledgeHut will operate as a wholly-owned subsidiary of upGrad and its founder Subramanyam Reddy will be at the helm in his new role as the CEO, according to a press statement.
With this acquisition, Mumbai-headquartered upGrad will have access to KnowledgeHut’s global learner pool of 250,000. KnowledgeHut is likely to cross $40 million in revenue next year, 65% of which is expected to come from countries across North America, the Middle East, and South-East Asia.