Singapore based edtech platform Emeritus has acquired Silicon Valley based STEM education solution provider iD Tech for $200 million all cash transaction.
iD Tech, founded in 1999 by Alexa Ingram-Cauchi and Kathryn Ingram, works with close to 150 universities globally, across 135 countries. It focuses on STEM skills such as AI, coding and offers summer camps on the same.
The acquisition will enable Emeritus to tap into the growing K-12 edtech market.
The acquisition of iD Tech will be through Emeritus’ parent company Eruditus. Upon the closing of the transaction, iD Tech will continue to operate as an independent entity, while the complementary offerings will be scaled to support a global audience with improved learning, the company said in a statement.
Through the acquisition, Emeritus will look to tap into a growing STEM market that is estimated to produce 3.5 million jobs in the US by 2025, according to a 2019 study by HR association, the Society for Human Resource Management.
"Emeritus is in the business of teaching the skills of the future like AR/VR, artificial intelligence, cybersecurity, software engineering, design thinking and leadership to professionals," said Ashwin Damera, co-founder and CEO. Emeritus was founded in 2015 by Damera and has closed $40 million in funding over three rounds.
The platform currently offers more than 200 short courses, online degree programmes, boot camps and CXO programs and claimed it has collaborated with more than 50 of the world’s top universities.
“The pandemic accelerated interest in STEM fields, and we have been ecstatic to see more interested learners exploring and mastering this space,” said Pete Ingram-Cauchi, CEO of iD Tech.