KnowledgeHut to cross $40 million in revenue in 2022
ATLANTA, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Global online higher education provider upGrad announced today that it has acquired global EdTech company KnowledgeHut. This comes within weeks of upGrad earmarking $250 million for Mergers & Acquisitions to drive non-linear growth for the next seven to nine months.
Founded by Subramanyam Reddy in 2011, KnowledgeHut is aimed at equipping the global workforce with the skills of the future through outcome-based immersive learning. As a leading skills solutions provider, KnowledgeHut has trained over 250,000 professionals and empowered over 500 enterprises to build the skills that drive results, with a product offering of over 200 courses across in-demand areas of Web Development, Machine Learning / AI and Data Science, Agile and Project Management, IT Service Management, Cyber Security and Cloud Computing.
“With KnowledgeHut on board, our focus on being an integrated Lifelong Learning partner for powering career success for the 1 billion members of the global workforce just got stronger. KnowledgeHut’s presence in 70+ countries will further upGrad's ambition of liberalizing quality online education around the world,” said upGrad Chairperson & Co-Founder Ronnie Screwvala.
This acquisition is propelling upGrad’s venture into the short duration upskilling and reskilling segment which has a market potential of over $58 billion. To leverage this market opportunity, the combined will allow KnowledgeHut to upskill and help students drive meaningful career outcomes, through its next-gen flagship learning experience platform, PRISM.
Post-acquisition, KnowledgeHut will operate as a wholly-owned subsidiary of upGrad. KnowledgeHut Founder & Director Subramanyam Reddy will be at the helm in his new role as the CEO.
“With our focus on short-term professional upskilling, KnowledgeHut is driving outcome-based immersive learning for global technologists and the wider professional community. Given our position in global markets, this synergy with upGrad will further strengthen and support that vision. The acquisition paves the way for upGrad to empower B2B customer segments across geographies including the United States and the Asia Pacific,” said upGrad’s KnowledgeHut CEO Subramanyam Reddy.
With this acquisition, upGrad will have access to KnowledgeHut’s global student pool of 250,000. KnowledgeHut is expected to cross $40 million in revenue next year, 65% of which will be from countries across North America, Middle East and South-East Asia.
About upGrad:
upGrad is a pioneer in the online education revolution, changing the lives of millions for the better by “Powering career success for every member of the global workforce as their trusted lifelong learning partner”. Co-Founded by one of the world’s most impactful entrepreneurs, Ronnie Screwvala along with Mayank Kumar and Phalgun Kompalli, upGrad has impacted over 1 million total registered learners over 50+ countries.
upGrad, Asia’s higher EdTech leader, uniquely drives deep learning for the real world, by creating original content harnessing industry experts across the globe and offers learners a hyper-personalized, comprehensive one stop solution, combining the power of its’ proprietary AI driven technology platform with its army of counsellors who handhold learners for the entire duration of their course.
To provide the best university quality education, upGrad brings together the world’s leading universities, faculty & industry experts on an integrated digital platform, delivering an immersive experience with full flexibility to study at one’s own pace. upGrad’s ever expanding roster of leading global universities include Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India), IIM Kozhikode (India).
upGrad’s alumni base is employed by blue chip organizations like Gojek, PayTM, Gartner, Flipkart (Walmart-acquired), Accenture, and E&Y. upGrad is #1, LinkedIn Top Startups India 2020 and is in Top 50 of the FT Asia-Pacific High-Growth Companies 2021 and the GSV Global EdTech 50.
About KnowledgeHut:
KnowledgeHut is a global ed-tech company, equipping the world’s workforce with the skills of the future via outcome-based immersive learning. A trusted skills transformation partner to over 250,000 professionals and 500 organizations across 70 countries, KnowledgeHut is the skills solutions provider that organizations and individuals count on to innovate faster and create progress.
KnowledgeHut’s mission is to empower technologists and other professionals with high quality hands-on learning opportunities at scale, nurture talent for the future of work and help close the skills gap.
Leveraging a state-of-the-art immersive learning experience platform, KnowledgeHut is fundamentally disrupting the way tech is learnt and empowering enterprises with a scalable tech-driven solution to align role-based skill requirements with desired business outcomes. Whether you're looking to develop capabilities in Software Development, IT Service Management, Cyber Security, Cloud Computing, Machine Learning / AI or Data Science, KnowledgeHut is your learning partner of choice.
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