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Edtech firm upGrad to acquire Australia-based GSP for $16 mn

02:05 PM Nov 29, 2021 | Agencies

Online higher education company upGrad on Monday announced that it has entered into an exclusive acquisition agreement with Global Study Partners (GSP), Australia's largest study abroad company.

upGrad will invest $16 million to buy 100 per cent of GSP and commit a further $10 million for future growth. GSP is slated to close its current financials at a GMV of over $10 million, which will grow fourfold in the coming year.

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"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," Ronnie Screwvala, Chairperson and Co-Founder, upGrad said in a statement.

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Acquisition of GSP marks the first international acquisition for the edtech leader and strengthens its foray in Study Abroad, one of the fastest-growing segments worldwide.

(With inputs from IANS)

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