Online education provider Byju's announced on Wednesday that it has acquired Epic, which is a digital reading platform for children, for $500 million, which is around Rs 3,700 crore approximately.
Epic CEO Suren Markosian and co-founder Kevin Donahue will remain in their roles, a statement issued by Byju's said.
The edtech major said that it will further invest $ 1 billion in North America to accelerate its vision of helping students fall in love with learning.
The taking over of Epic will help Byju's expand its footprint in the United States by giving access to more than two million teachers and 50 million children under Epic's existing user base across the world, which has more than doubled over the last year.
"Our partnership with Epic will enable us to create engaging and interactive reading and learning experiences for children globally. Our mission is to fuel curiosity and make students fall in love with learning. Knowing that Epic and its products are rooted in the same mission, it was a natural fit. Together, we have the opportunity to create impactful experiences for children to become lifelong learners," Byju Raveendran, founder and CEO of Byju's said in a statement.
The alignment of missions and shared passion makes Byju's the perfect partner, as Epic is confident that this acquisition will ignite excitement for learning around the world, Mr Markosian, co-founder of Epic, said.