Ireland-based online learning company Olive Group has acquired Thiruvananthapuram-based edtech SaaS platform Ofabee for an undisclosed amount in yet another international acquisition of an Indian enterprise tech startup.
Founded in 2013 by Ayyappan Asokan and Syamkumar, Ofabee’s SaaS platform enables coaching and training institutes to launch their own apps and websites, and sell courses to students around the world. Ofabee, which is a product of Enfin Technologies that was incubated under Kerala Startup Mission (KSUM), will merge its operations with Olive Group’s Mykademy.com after the acquisition. The merger will also include migration of Ofabee’s customers to the new platform.
As a part of the acquisition, the entire team of Ofabee will join Mykademy, while continuing to be based in Thiruvananthapuram, according to a spokesperson.
In the past, Ofabee raised seed funding from KSUM and Center for Innovation Incubation and Entrepreneurship (CIIE), and has signed up with some of the leading educational institutions and a number of tutors across India.
The company said it had been in talks with multiple investors for Pre-Series A funding, when the merger talks solidified. Besides the cofounders Asokan and Syamkumar, Ofabee’s leadership team includes Sajan Christudas, who is the CTO of Enfin Technologies, and Vishnu Narayanan who is the company’s offshore operations director.
“We remain committed as a team towards our joint vision. Together, we can further accelerate the growth of Mykademy as we continue to enhance and build an engaging course delivery platform for the tutors and training institutions,” said Ofabee cofounder Asokan.
The acquisition will see Dublin-based Mykademy create robust online-first training institutes with more features and tutors worldwide. The company primarily focusses on learning platforms, digitisation and training solutions for corporates and educational institutions across the globe and has a sizeable presence in Europe. Over 14 years, it claims to have worked with over 25,000 clients.
Kailas Satheesan, CFO and CEO of Olive Group’s India unit, said, “We are excited to announce our entry into the Indian training and coaching industry through the acquisition of Ofabee. We will be able to leverage their product and resources and serve Mykademy better.”
The acquisition is the first among five planned M&A deals that Olive Group expects to make this year, according to Brendan Kavanagh, the company’s founder and chief executive.
“As we make investments that focus on developing and nurturing the training ecosystem, we are also committed to making our platform, Mykademy, easier to navigate for our customers. I welcome the Ofabee team to Olive Group as we continue our efforts to provide deeper value to our customers,” Kavanagh said.
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