Thu, 21 Nov 2024 | BUSINESS SALE
Texthelp Group, an Antrim-based Edtech has bought peer Scholarcy to help its aim of improving the literacy and understanding of 1 billion people by 2030.
Scholarcy, co-founded by Phil Gooch in 2018, was born out of his struggles when studying for a PhD and having to read through large research documents and papers. Alongside fellow founder Emma Warren-Jones they built an AI powered study tool that helps students and researchers to organise, summarise and critically evaluate sources. Over half a million students and researchers across the UK have used the tool to read and understand academic texts.
Texthelp describes itself as a global leader in assistive technology, supporting literacy and accessibility for millions of people worldwide through its platform of innovative, technology solutions. It says its purpose is to help people to understand and be understood. It hopes that ‘alongside the existing solutions within the Texthelp portfolio, Scholarcy will play a pivotal role in enhancing the learning experience of higher education students across the UK’.
“I’m very proud of what we have achieved with Scholarcy, and I’m excited to continue its evolution as we partner with Texthelp. Our shared goal is to make the world’s knowledge more accessible to everybody. Together, we can bring the benefits of this tool to more students and researchers than ever before,” said Gooch, chief executive of Scholarcy.
Rick Bell, SVP of International Education at the Texthelp Group, added: “The Texthelp team is thrilled to welcome Scholarcy to our brand family. Scholarcy offers an exciting new dimension to our higher education portfolio, giving more choice to students with additional learning needs.”
The corporate finance team at the Bristol office of wealth management and professional services group Evelyn Partners, acted as lead advisor on the transaction, led by Alex Sowerby and Iain Lownes.
Lownes said: "Phil and Emma are the latest owner-managers in the tech space we have supported in achieving their strategic objectives. Scholarcy reinforces the appetite for UK assets from both domestic and international investors."
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