technology

South Korean Edu-tech startup Riiid announces acquisition of Langoo

South Korean Edu-tech startup Riiid announces acquisition of Langoo
South Korean Edu-tech startup Riiid announces acquisition of Langoo

South Korean AI-based education startup business, Riiid has reportedly announced the acquisition of a Japanese mobile app distributor, named Langoo, to expand its business across the world’s third-largest economy.

As per reliable reports, the acquisition comes just under five months after the company raised over $175 million in series D investment from Softbank's Vision Fund 2 in Japan. The new deal seems to be part of the firm’s broader plan to grow with the help of mergers and acquisitions.

Since 2019, Langoo has been the official purveyor of the Riiid Tutor service in Japan, a market where the application's revenues have since increased up 400% year over year.

Riiid is setting up a Japanese branch with the help of this acquisition to tack on the local distant education and learning industry, which is expected to be valued at ¥288 billion ($2.6 billion) in 2020, up 22.5 percent compared to the previous year due to the COVID-19 pandemic.

Jang Young-jun, CEO and co-founder of Riiid reportedly stated that broader opportunities in the Japanese market can be captured by leveraging the cited investment. Young-jun further elaborated that this acquisition is the next step in an inorganic approach to eventually implement Riiid’s artificial intelligence technology to the international market, helping more students across the globe.

Young-jun additionally stated that Langoo’s exceptional capacity within the local market has been the driving factor behind the acquisition.

In addition to applying the product's success in South Korea to the Japanese market, the firm indicated that it wants to strengthen various business divisions such as advertising, sales, and B2B services growth.

Riiid also intends to expand its user base by offering AI-driven English speaking and English tutoring services in addition to the Test of English for International Communication.

Riiid is developing or supplying AI-based educational technologies for a number of domains in more than ten nations spanning South America, Central Asia, and East Asia.

Source credit: http://www.koreaherald.com/view.php?ud=20211009000064

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