Edtech giant upGrad is set to acquire Australia’s largest study abroad company Global Study Partners (GSP). As part of the deal, the higher education leader will invest USD 16 million for 100% stake of GSP and commit a further 10 Mill$ for future growth. GSP is slated to close its current financials at a GMV of over 10 Mill$, which will grow fourfold in the coming year.
Founded in 2015 and headquartered in Sydney, GSP boasts of an institution network of 600+, predominantly in major western destination countries (Australia, the UK, Canada, and the US) and 1,300+ recruitment partners – that include education and migration agents, schools, test preparation centres, alumni associations, etc.
“As an Integrated EdTech leader – we span the entire gamut of a learner’s need from the age of 18-50 and in that, Study Abroad is a key growth initiative for us – not just out of India which is one of the two largest markets but also for our learners internationally. GSP coming into upGrad’s fold will be a needle mover for us to attain a headstart in being a global leader in this segment too,” said Ronnie Screwvala, Chairperson & Co-Founder, upGrad.
The edtech major last week announced the merger of its three subsidiaries — upGrad Campus (originally Impartus), upGrad Jeet (originally The GATE Academy) and upGrad KnowledgeHut (originally KnowledgeHut).
The consolidation will create one parent company in India that will drive upGrad’s vision for an integrated strategy to expand and drive transnational learning through 2022, according to a statement.
upGrad currently offers programs in the areas of Data, Management, Software and Technology, Business Analytics, Law, Digital Marketing, Criminology, Health, and others.
It started with just one program and now has a vast set of online courses across diverse domains to support its learners not just in India but across about 100 countries, upGrad Chief Executive Officer-India Arjun Mohan said.
