Learning aid deal
Scots edtech firm Sumdog sold to Nordic buyer
Scottish education technology company Sumdog has been sold to a Scandinavian buyer, eEducation Albert amid significant investor interest in the sector.
Headquartered in Edinburgh, Sumdog was founded in 1994 and has become a global B2B player in the edtech market, with a strong presence in the US and Europe.
Sumdog’s digital platform is used by about 15% of all UK schools and 10% in the US. It is a complete digital learning platform for children between the ages of 5-14 in subjects such as mathematics, spelling and grammar, adapted to the British and American curriculum. The product is built around 30 games with a focus on a good user experience for children.
The acquisition complements Nordic firm Albert’s pre-existing offering in the business to consumer (B2C) category with a well-established B2B service and strengthens its position in the UK market. Sumdog also contributes with its strong revenue stream.
Adviser Neil McInnes, partner and head of corporate finance for Grant Thornton in Scotland, said: “The pandemic has highlighted the importance of technology across all sectors, including education, where every school was forced to pivot to home learning during the lockdowns. We have seen significant interest from investors in this space and a strong pipeline of deals.
“Sumdog is a great success story for an innovative digital business achieving impactful results in the school sector, and underlines Scotland’s reputation in the global technology market. The acquisition will not only enhance Albert’s offering from B2C to B2B as well, it will also expand its global reach to have a stronger footprint in both the UK and US.”
Andrew Hall, CEO and founder of Sumdog, said: “Over the past 12 years, we have developed Sumdog to become an important digital aid for teachers, while we have always strived for children to love the product itself. It feels very exciting to now take the next step on our journey as part of Albert. We see a perfect match between us both in the offer and the culture, where children’s learning is at the centre”.
Sumdog was also advised by law firm MacRoberts. Albert was represented by Bristow’s and PwC. Terms were not disclosed.