Swedish EdTech company ILT Education has acquired Giglets Education, a Scottish online literacy software company based in Ayrshire.
The company did not disclose the amount but said it is a seven-figure deal.
Giglets Education develops educational content to help schools and teachers improve literacy results, and raise learning standards in classrooms. With more than 1,100 digital titles and a turnover of over £1 million a year, the platform is being used by more than 120,000 pupils and 40,000 teachers.
Jakob Skogholm, CEO of ILT Education, said,
"This acquisition marks an important milestone in ILT’s internationalization, particularly in the sizeable and attractive UK market. We have been impressed by Giglets’ people, culture and products. By joining forces with Giglets, we will be able to provide a broader and stronger suite of products towards a wider group of pupils and educators, further strengthening our mission to improve literacy and promote multilingualism across the world."
The acquisition comes amid an extended period of growth at Giglets, which recently expanded internationally by setting up a team in Canada to serve the North American markets. The acquisition also follows a similar deal announced recently involving the sale of Edinburgh-based Sumdog to Nordic firm eEducation Albert. Both deals were advised by Grant Thornton head of corporate finance in Scotland Neil Mclnnes.
Craig Johnstone, Co-founder and CEO of Giglets, said,
"Giglets becoming part of the ILT Education family is recognition of the robust and profitable business we’ve been to create over the last 10 years. This private equity-backed acquisition comes as we look to accelerate our growth across the UK, Ireland and internationally and at a time when the EdTech market has never been more buoyant. I’m delighted to be staying at the helm of Giglets and continuing to lead the business in the next phase of our growth journey, whilst remaining focused on delivering world-class teaching and learning experiences for our customers and users."
Post the acquisition, Giglets’ core team of 12, including co-founders Craig Johnstone and Jax McGhee, will remain with the business, which will continue to be run from Kilmarnock. But chairman and co-founder Karsten Karcher has exited the company.
ILT Education is the Nordic region's leading EdTech company. With products available in ten countries, the company works internationally to provide digital services which are suitable from early childhood through to adult education. ILT Education currently offers its services in Sweden, Finland, Norway, USA, UK, Canada, Germany, Switzerland, and Austria.
ILT Education is backed by private equity firm Trill Impact, a pan-European impact investor focused on businesses that generate significant environmental and societal benefits.