NEW YORK and LONDON /PRNewswire/ -- McGraw-Hill Education, a learning science company, today announced that it has taken a €6 million (approximately $6.5 million) minority equity stake in busuu, the world's largest social network for language learning with more than 55 million users. The transaction includes an agreement that will give McGraw-Hill Education exclusive global rights to distribute busuu to B2B customers, including schools, private language institutions and corporations. Additionally, the two companies will explore adding McGraw-Hill Education's industry-leading adaptive learning technology to busuu products.
Founded in 2008, busuu has been adding as many as 100,000 users each day. The product has a strong market presence in Brazil, Russia, China, Turkey, Germany and the U.S. The company offers free and paid audio-visual language courses for 12 languages and includes direct interaction with native speakers around the world. Approximately two-thirds of busuu's users access the platform via mobile devices.
"We see tremendous opportunities with the powerful combination McGraw-Hill Education's global reach and the scale and innovative mobile solutions of busuu," said Mark Dorman, president of McGraw-Hill Education's International & Professional group. "The global market for language instruction totals $60 billion annually and is growing rapidly. The innovative and mobile busuu solution complements our digital offerings and opens a number of new sales opportunities for our company."
"For busuu, this alliance allows us to quickly grow our market penetration with a trusted name such as McGraw-Hill Education," added Bernhard Niesner, CEO of busuu. "We are especially excited to explore adding McGraw-Hill Education's adaptive capabilities to our platform and believe this will revolutionize the way people learn languages."
About McGraw-Hill Education
McGraw-Hill Education is a learning science company that delivers personalized learning experiences that help students, parents, educators and professionals drive results. McGraw-Hill Education has offices across North America, India, China, Europe, the Middle East and South America, and makes its learning solutions available in nearly 60 languages. Visit us at mheducation.com or find us on Facebook or Twitter.
About busuu
busuu was founded seven years ago with the goal of changing the way in which people learn languages. The company is committed to revolutionizing the language learning process through the use of technology. With over 55 million users and with 12 languages to study, busuu is one of the world's leading digital learning apps. The company is named after the language of Busuu in Cameroon, spoken by only eight people.
Contacts:
Daniel Sieger
McGraw-Hill Education
(646)-766-2001
[email protected]
Jasmin Schawalder
busuu
+44-790427-15-88
[email protected]