Scaler, an edtech firm, has purchased AppliedRoots, an online learning platform, for $50 million in cash and stock. According to a senior company executive, the deal will allow it to improve its data science, artificial intelligence, and machine learning capabilities.
The acquisition is the company’s third in the last 12 months, and it comes just two months after it raised $55 million in Series B funding from Lightrock India-led investors.
It bought Coding Minutes and Coding Elements last year. Scaler’s parent company, InterviewBit, was founded in April 2019 by Anshuman Singh and Abhimanyu Saxena and has a post-money valuation of $710 million.
“This acquisition will help us grow faster in the AI and ML space,” Saxena told. “We have a long runway and the capital raised will look to grow business further through organic and inorganic routes.”
AppliedRoots was bootstrapped by Srikanth Varma Chekuri, Murali Krishna Varri, Naveen Reddy Bade, Brahma Reddy, Srinivas Reddy and Satish Atcha. It offers an online diploma course in AI and ML.
“Our immediate goal will be to support the efforts and projects being done in the Data Science & ML team. We will also incorporate a separate Data Analyst Sub track within the Data Science program,” Chekuri, co-founder of AppliedRoots, said.
Scaler has raised approximately $76 million approximately. This year, it plans to acquire more businesses. “We’re open to small acquisitions where we’re looking to add talent, expand distribution, or gain geographic access,” Saxena said.
