Prosus extends e-learning reach with a R3.5bn majority stake in online platform

play article
Subscribers can listen to this article

Prosus has agreed to buy a majority stake in European online employee-training platform GoodHabitz for 212 million euros (about R3.5 billion), extending the e-commerce giant’s push into education.

The deal will be used to accelerate the expansion of GoodHabitz, Netherlands-based Prosus said in a statement on Tuesday. It follows the $1.8 billion acquisition of tech-knowledge sharing site Stack Overflow in the US earlier this month.

"If this past year has shown us anything it is that technology can fundamentally change a sector and enable it to scale much quicker," said Prosus ventures chief executive officer Larry Illg. "GoodHabitz has built a successful business and we are looking forward to helping the team expand it further as part of Prosus."

GoodHabitz is eyeing at least three new countries this year, CEO Maarten Franken said on a video conference call. "We plan to accelerate our growth, and with Prosus, they can help us maybe enter other regions like Brazil, India or Russia," he said.

The opportunity in the education technology space is huge, said Illg. Global education and training expenditure is expected to reach at least $10 trillion by 2030, according to market research firm Holon IQ.

Prosus is best known as the biggest investor in Chinese internet giant Tencent Holdings, in which it holds a 29% stake. The shareholding is worth more than the total value of Prosus or parent Naspers, which spun off the Dutch company in 2019. Both groups have looked to close the valuation gap by scaling up other online businesses, which span the globe from India to Brazil.

Prosus was an early investor in education technology and has committed more than $3 billion in the sector since 2016. The company says the pandemic has accelerated the shift to online learning, as people stuck at home look at improve their skill set. Other Prosus sites include Udemy and Skillsoft.

Fin24 is part of the Naspers-owned Media24 stable.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
Rand - Pound
Rand - Euro
Rand - Aus dollar
Rand - Yen
Brent Crude
Top 40
All Share
Resource 10
Industrial 25
Financial 15
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
In light of the recent looting, do you think a basic income grant is the right approach to deal with SA’s hunger and poverty problems?
Please select an option Oops! Something went wrong, please try again later.
It will go a long way in helping fight the symptoms of SA’s entrenched inequality, especially for those who are starving right now
20% - 1491 votes
SA’s problems are complex, and we instead need to spend that money on building and growing our economy, which will help the country in the long run
31% - 2307 votes
All grants are a problem as they foster a reliance on handouts
49% - 3649 votes