In its seventh acquisition, edtech platform upGrad has acquired data science institute, International School of Engineering (INSOFE) for $33 million in a share swap deal.
INSOFE has a presence in the US, UK, France, Canada and India. The institute’s revenue will cross $13 million (Rs 100 crore) this year and is profitable, the statement said.
“INSOFE adds a strong R&D component in AI and ML to upGrad's large education service basket and helps it create novel services for corporates and students globally. INSOFE is the gold standard of excellence in these specialised areas and adds incredible value to upGrad as we combine forces,” said Mayank Kumar MD and co-founder, upGrad.
INSOFE’s management and investors will get under 1% equity in upGrad as part of the deal. upGrad is valued at $2 billion.
“INSOFE's depth in AI and ML coupled with upGrad's partner and student base makes a powerful combination to assume a leadership position in AI education and research worldwide. We are very excited about coming together and leveraging our excellence centre right here in Hyderabad & Bangalore that will match up with anyone around the globe and in some of the most sought-after areas of specialization of the 21st century,” Dr Murthy, co-founder and CEO, INSOFE said.
INSOFE is Asia's first data science education institute, specialising in data science, artificial intelligence, and machine learning. The institution was founded by Dr Dakshinamurthy V Kolluru, Dr Sridhar Pappu, and A S L Ganapathi Kumar in Hyderabad in mid-2011 and expanded to Bengaluru in early-2016.
upGrad has been on an acquisition spree to fuel its growth. In November, it bought a 100% stake in Australia’s largest study-abroad company, Global Study Partners for $16 million, marking its first overseas acquisition. In December, upGrad acquired online higher education business Talentedge Education Ventures Pvt Ltd. upGrad also acquired Work Better to strengthen its enterprise learning and development offerings.
