Eruditus Acquires Silicon Valley-Based iD Tech In A $200 Million Cash Deal
Eruditus Executive Education, an edtech startup offering executive education programmes, has acquired Silicon Valley-based edtech startup iD Tech in a cash deal for $200 Mn.
Started by Pete Ingram-Cauchi in 2000, iD Tech provides short term courses in coding, game development, robotics and design for kids from ages 13-19 years old. The Silicon Valley-based edtech startup will continue to operate independently, maintaining its team of instructors and employees.
Founded By Chaitanya Kalipatnapu and Ashwin Damera in 2010, Eruditus collaborates with top universities to make world-class executive education accessible globally.
Speaking on the development, Ashwin Damera said,
“This is a very commoditized market, where product differentiation is lacking in many cases. The product is what made iD Tech special for us.”
With this deal, Eruditus has entered the K12 segment and seeks to help expand iD Tech beyond the US, which accounts for 90% of its revenue so far.
“We can help expand iD Tech to India, China, Latin America- places where we have a footprint and can leverage our brand. A brand lends credibility.”
Eruditus has raised $125 Mn in primary capital so far and generated $185 Mn revenue in FY21, which the edtech firm expects to more than double in the next year.
Need legal assistance for your startup? Just contact us.