UOL EdTech, the education technology arm of the Brazilian Grupo UOL, has acquired Qulture.Rocks, a team performance management platform.
The value of the transaction was not disclosed.
According to a press statement, the acquisition will enable UOL EdTech to create an unprecedented offer combining performance management solutions and employee experience with corporate training and online content.
Qulture.Rocks was founded in 2014 and has about 1,000 paying corporate customers. The platform allows its clients’ managers to interact with their teams, offer feedback and gain a complete view of how each team member is performing, as well as how they need to improve.
Commenting on the acquisition, Alex Augusto, CEO of UOL EdTech, said in a statement,
"Qulture.Rocks strengthens UOL EdTech’s momentum to join companies with solutions that add value to our platform and customers, in tune with our strategy. At the same time, our training and content solutions will add even more power to the Qulture.Rocks platform. Clients now have a single solution that solves the main talent management and workforce training challenges, with features such as 1:1 assessment, feedback, goal management, IDP (individual development planning), succession planning, and people analytics, among others."
UOL EdTech has made several investments to increase its portfolio of products and services. In March 2021, the company announced the acquisition of Passei Direto, a peer-to-peer education platform with 4 million active users in the period and which has now doubled its size and begun operations in Mexico.
Qulture.Rocks is the UOL EdTech’s third acquisition in 15 months. In addition to Passei Direto, the company also acquired Skore, which likewise brought the concept of a learning experience platform (LXP) to UOL’s online training venue.
Foley & Lardner LLP represented Qulture.Rocks in this acquisition. The deal gave an exit for all the investors who invested earlier in the company, including Y Combinator, the Canary Investment Fund, and Redpoint eVentures. According to Foley, founder Francisco Homem de Mello will continue to hold a relevant equity interest in Qulture.Rocks and will remain CEO.