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Miguel Cordon · · 1 min readIndian edtech firm expands into K-12 space with its $200m acquisition of iD Tech
“The Eruditus Group is acquiring Silicon Valley-based online education company iD Tech for US$200 million,” The Economic Times reported, citing Eruditus co-founder and CEO Ashwin Damera.
Details:
- ID Tech will continue to operate independently after the deal and maintain its instructors and employees.
- According to the report, Eruditus aims to take the US-headquartered iD Tech’s courses to Latin America, Southeast Asia, and China.
Context:
- The move would signal Eruditus’ entry into the K-12 STEM (science, technology, engineering, and math) space after mainly focusing on higher education.
- The edtech firm is expecting to grow 2.5x in the next 12 months and aims to generate a consolidated revenue of US$500 million in FY2022.
Editing by Collin Furtado and September Grace Mahino
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