Studytube, a Dutch online learning platform, has acquired Springest, a European marketplace for booking training. At the same time, it closed a $30 million Series B investment round led by Energy Impact Partners (EIP) and existing investor Verdane Capital. The terms of the acquisition have not been disclosed.
Studytube provides medium and large enterprises with an online learning and development platform through a SaaS-enabled marketplace, with courses from third-party providers.
By adding Springest, Studytube adds more than 30 customers, including T-Mobile, Vattenfall, Aegon, NS, Eneco and STORK, and now has more than 300 medium-to-large enterprises across a variety of industries, the company said. It is also expanding its presence to Germany, Belgium, Scandinavia and the United Kingdom. Studytube now has over 180 employees spread across offices in Amsterdam, Berlin and Kharkiv, with plans to open offices in Scandinavia soon.
The final round of investment will be to scale up the workforce and make more strategic acquisitions in Europe.
Homam Karimi, CEO of Studytube: “Thanks to the Springest acquisition, our portfolio has grown in one fell swoop to more than 8,000 learning providers offering more than 250,000 online and offline learning products. In 2021, a total of 50 million euros worth of leather products will be purchased through our marketplaces.”
Ruben Timmermans, CEO of Springest: “Springest offers companies and their employees the most comprehensive European training database. By combining our database with Studytube’s online learning and development platform, organizations using Springest can search, find and book courses, as well as easily organize, manage and deliver their learning and development program in one place.”
Nazo Moosa, managing partner Europe at EIP said: “The European edtech market is full of single-point software solutions. Studytube is the first to offer a fully integrated learning platform consisting of a learning management system, a learning experience platform, an integrated authoring tool and a learning marketplace. This makes Studytube the perfect company to integrate other successful single-point software solutions. Together with their relentless focus on a superior product, we believe Studytube will become one of the winners in the European edtech space.”
Studytube competes with Docebo, LearnUpon, Cornerstone and Go1.
Karimi told me, “Studytube competes because our learning management system is fully comprehensive with deep reporting, qualification management and simple automation of complex business processes. This makes it capable of tackling compliance-driven sectors such as healthcare.”
“We use smart recommendations and social learning alongside an intuitive learning experience. Many other LMSs often forget this aspect of the user experience, they are built only to manage learning and not to inspire,” he said.