upGrad, Asia's leading online higher EdTech giant, has entered into an agreement to acquire Global Study Partners (GSP), Australia's largest study abroad company, for US$16 million to strengthen the former’s presence in the study abroad segment.
The company has also committed another US$10 million for the future growth of Global Study Partners.
According to the company's statement, GSP is likely to close 2021 with a gross merchandise value of over US$10 million, which is likely to grow 4x in the coming year.
Founded in 2015, Global Study Partners (GSP) is a unique online platform that allows international students to search, compare and apply for thousands of courses globally. The company is on a mission to provide students around the world with the opportunity to achieve their desired educational experience.
Sydney headquartered GSP boasts of an institution network of more than 600, predominantly in major destination countries (Australia, the UK, Canada, and the US), and 1,300+ recruitment partners that include education and migration agents, schools test preparation centres, alumni associations, etc.
Speaking about the acquisition, Chairperson & Co-Founder of upGrad Ronnie Screwvala said in a statement,
"As an Integrated EdTech leader - we span the entire gamut of a learner's need from the age of 18-50 and in that, Study Abroad is a key growth initiative for us - not just out of India, which is one of the two largest markets but also for our learners internationally. GSP coming into upGrad’s fold will be a needle mover for us to attain a headstart in being a global leader in this segment too."
Last week, upGrad announced the merger of its three subsidiaries-- upGrad Campus (originally Impartus), upGrad Jeet (originally The GATE Academy), and upGrad KnowledgeHut (originally KnowledgeHut) to become a global LifeLongLearning company.
Elaine Starkey, CEO & Founder of Global Study Partners, said,
"I couldn’t think of a more complementary business that is underpinned by shared principles and ethics "to empower learners throughout the world". Ronnie and Mayank are true visionaries with a deep understanding of this sector and truly get that "it's all about the learner’s experience". GSP partners' - institutions and recruitment partners - worldwide, will enjoy the benefits that the additional reach and capacity GSP can now deliver, and they can expect significant growth in quality student enrolments."
upGrad, started in 2015, is focused on building a great online learning experience by collaborating with the right universities and industry partners. The platform currently offers programs in the areas of Data, Management, Software and Technology, Business Analytics, Law, digital Marketing, Criminology, Health, and others.
At present, the upskilling platform has partnered with over 300 universities with a user base of 2 million.
Earlier in August, upGrad acquired KnowledgeHut, a leading training platform that helps professionals develop new expertise and bridge their skills gap. The Mumbai headquartered upGrad had acquired Impartus, a video-based learning platform for INR 150 crore, in a cash and stocks deal in May this year. Since its inception, the EdTech major has been 100% owned, funded, and run by its co-founders and a capital-efficient business.