XSEED Education Pte, a Singapore-incorporated K-12 education solutions company, has signed an agreement to acquire the online education and learning management business of Pleolabs, a New Delhi-based education technology startup for an undisclosed amount, the company said in a press release.
The deal is subject to customary closing conditions and is expected to close this month.
As a part of the deal, Kshitij Chopra and Yash Sahay, co-founders of Pleolabs, will be joining XSEED as key members of the core technology product development team.
“The acquisition of Pleolabs signals an important step in the development of the XSEED Cloud School and personalised learning for children that is focused on thinking skills. Gopleo brings on board great user and process management architecture that integrates well with our curriculum, teaching and assessment capabilities," said Anustup Nayak, vice-president, XSEED Education.
Pleolabs started building its first product for schools named gopleo in 2012. It is a D-I-Y platform involving lesson planning, assessments, personalised calendar, student attendance, online submissions, reporting and more.
“Besides our shared values, the team at XSEED brings a solid understanding of how to improve learning in the classroom and has a proven ability to scale in the schools market," said Kshitij Chopra, co-founder of Pleolabs.
XSEED Education is focused on K-12 school learning with proprietary curriculum, training and assessment related solutions.
BMR was the financial, tax and legal advisor to XSEED.
In the same space, most recently, online test prep startup Embibe.com acquired student guidance platform 100Marks and prior to that, Kolkata-based skill development company Orion Edutech Pvt Ltd acquired a 67 per cent equity stake in Chennai-based Brain Valley Software Pvt Ltd, an independent assessment solution for corporates and education institutes.
(As published in VC CIRCLE on Wed, 08 Apr 2015)