By Mike Butcher
Language-learning platform Busuu, which has fast expanded to take on traditional giants like Duolingo, says it has acquired the live video tutoring company Verbling for an undisclosed amount, other than calling it a “double-digit million dollar acquisition.”
As a result, Busuu will now use the Verbling platform to expand into the live video tutoring space for its consumer users and corporate clients.
Busuu says it recently surpassed 100 million users globally, makes it one of the world’s fastest-growing EdTech companies. It says it reach cash flow break-even last year, and plans to generate over $40 million in revenues in 2020.
CEO and cofounder Bernhard Niesner said “we also plan to go public in the future.”
Speaking to TechCrunch, he said: “We are operating in the massive $60bn global language learning market, with digital language learning only representing a tiny 10% market share right now. This digital part will grow fast due to wider consumer adoption driven by better learning outcomes, expected to reach $17bn market value in 2027. Getting access to the capital markets would allow us to accelerate our growth, expand into other learning areas and build a truly globally leading, multi-billion dollar, digital learning business.”
The new Verbling-based ‘Busuu live’ will …read more
Source: Tech Crunch