~ KnowledgeHut to cross USD 40 million revenue next year with 65% coming from the Middle East, North America, and South-East Asia ~
~ KnowledgeHut's target in GCC is to partner in government localization initiatives to upskill 100K+ individuals over the next three years ~
August 3, 2021; Dubai, UAE: Aligned with its ambitious international expansion plans, global edtech leader upGrad has announced it has acquired KnowledgeHut, the leading international edtech company with operations in the GCC.
upGrad has earmarked USD 250 million for mergers and acquisitions to drive non-linear growth for the next seven to nine months. Some of these target companies are based in the MENA region.
With this acquisition, upGrad will have access to KnowledgeHut's global learner pool of 250,000 students. KnowledgeHut - now rebranded as ‘KnowledgeHut, an upGrad company', is expected to cross USD 40 million revenue next year, 65% of which will be from countries across the Middle East, North America, and South-East Asia. upGrad recently announced online learning programs for UAE and Saudi professionals that are designed to accelerate careers and grow regional businesses.
With the acquisition of KnowledgeHut, upGrad is venturing into the short duration upskilling and reskilling segment, which has a market potential of over USD 58 billion. KnowledgeHut, an upGrad company, can now offer learners a scalable and immersive learning model, to upskill and help them drive meaningful career outcomes, through its next-gen flagship learning experience platform, PRISM.
KnowledgeHut started its Middle East operations in 2018 and achieved 250% growth in less than three years of its operations. KnowledgeHut is taking significant steps to become the preferred technology learning partner in an industry, which has close to USD 148 million capacity, including KSA (43%), UAE (28%), Kuwait (11%), Bahrain (3%), Qatar (8%), and Oman (7%).
Aligned with the high priority given to localization initiatives by GCC countries, KnowledgeHut's “Skill to Employ” Bootcamp Program helps young, ambitious individuals become industry-ready professionals, ready to take their place in the competitive technology market. With these programs, fresh university graduates (irrespective of their academic background) boost their employability quotient and industry work readiness. KnowledgeHut's target in GCC is to partner in government localization initiatives to train/enable 100K+ individuals over the next three years and prepare today's youth for tomorrow's world.
Announcing the acquisition, Ronnie Screwvala, Chairperson & Co-Founder of upGrad, said, “With KnowledgeHut on board, our focus on being an integrated LifeLongLearning partner for powering Career Success for the Global 1 billion workforce just got stronger. KnowledgeHut's presence in 70+ countries will further upGrad's ambition of liberalising quality online education around the world.”
Founded by Subramanyam Reddy in 2011, KnowledgeHut is a leading international edtech company, focused on equipping the global workforce with the skills of the future through outcome-based immersive learning. Post-acquisition, KnowledgeHut will operate as a wholly owned subsidiary of upGrad. Subramanyam Reddy will be at the helm in his new role as the CEO.
Subramanyam Reddy, CEO of KnowledgeHut, an upGrad company, said, “With our focus on short-term professional upskilling, KnowledgeHut is driving outcome-based immersive learning for global technologists and the wider professional community. Given our position in global markets, this synergy with upGrad will further strengthen and support that vision. The acquisition paves the way for upGrad to empower B2B customer segments across geographies including the United States and the Asia Pacific.”
As a leading skills solutions provider, KnowledgeHut has trained over 250,000 professionals and empowered over 500 enterprises to build the skills that drive results, with a product offering of over 200 courses across in-demand areas of Web Development, Machine Learning / AI and Data Science, Agile and Project Management, IT Service Management, Cyber Security and Cloud Computing.