M&A advisory for learning platforms companies
EdTech M&A has reset hard since 2021 and now runs on two different logics. Consumer course platforms that lost the pandemic lift are being consolidated at heavily compressed multiples, while B2B corporate learning, skills and credentialing and curriculum infrastructure trade closer to SaaS comps where retention and contracted revenue carry the valuation. K-12 and higher-ed point solutions are being absorbed into broader LMS and curriculum suites.
The buyer set is anchored by the global education publishers and platforms - Pearson, McGraw Hill, Wiley, Cengage, Coursera and 2U - who run platform plays in K-12 and higher education, alongside HR-tech and corporate learning consolidators in B2B and PE sponsors like KKR, Apollo, Blackstone and Providence Equity actively building skills and credentialing roll-ups. Flow has direct relationships into these strategics and sponsors, which is what shortens the time from teaser to a real conversation about price.
Flow team has relevant sector experience and has worked with learning-platform companies across K-12 software, higher education platforms, corporate learning and L&D, skills and credentialing, curriculum and content infrastructure, and consumer course marketplaces.
"Learning platforms" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing learning platforms M&A targets
Active learners
Course completion rate
B2B ACV
Net revenue retention
Seat utilisation
Content library size
Learner outcomes / certification
CAC payback
Cohort retention
Gross margin
Learning platforms valuations in May 2026
Public learning platforms comps trade at 1.4x EV/Revenue. Median revenue multiple across learning platforms M&A deals was 2.8x in the last 12 months.
1.4x
Median EV/Revenue as of May 2026 for public learning platforms companies
3.6x
Duolingo is the highest valued public learning platforms company based on EV/Revenue (excluding outliers)
2.8x
Median EV/Revenue across learning platforms M&A deals in the last 12 months
9.3x
Median EV/Revenue across learning platforms VC rounds in the last 12 months
Key recent learning platforms M&A deals
$2.5B acquisition of Udemy by Coursera was the largest learning platforms M&A transaction completed in the last year.
See all learning platforms M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Dec-25 | Udemy |  | Udemy Inc operates a marketplace platform at the center of a vibrant knowledge network. The company operates under two operating and reportable segments Enterprise segment and Consumer segment, out of which the Enterprise segment derives the maximum revenue. Geographically, the company derives maximum revenue from North America, and also has its presence in Europe, Middle East, Africa; Asia Pacific; and Latin America. The company leverages data, technology, and insights for effective learning experiences. It helps individuals and organizations to possess effective skill acquisition and development with flexibility. | Coursera | $2.5B | 3.2x | |
Mar-26 | Unacademy |  | Unacademy is a Bangalore-headquartered edtech platform offering live classes and video content for competitive exams like UPSC, JEE, NEET, and GATE. Founded in 2015 from an initial YouTube channel started in 2010, it connects students with educators through interactive sessions and test preparation resources. The platform supports self-paced learning for millions of users across India, covering K-12 to professional certification subjects. | UpGrad | $500M | 5.0x | |
Jun-25 | eDynamic Learning |  | eDynamic Learning is a provider of digital curriculum for high school career and technical education courses. Vancouver, Washington-based, the company publishes over 200 standards-aligned electives in subjects like health science, business management, and digital arts. Its courses integrate with learning management systems such as Canvas, Schoology, and Blackboard, supporting asynchronous delivery for districts nationwide. Founded in 2005, eDynamic Learning holds approvals from NCAA, UCOP, and state education boards, enabling flexible deployment in blended and virtual school environments. | Pearson | $225M | - | |
Sep-25 | Masterplan.com |  | - | Amadeus Fire | $22M | 2.4x | |
May-25 | The Business of Creativity |  | The Business of Creativity is a digital platform offering online courses, coaching, and community resources for creative professionals. It addresses automation impacts through practical advice on monetization, branding, and career strategies. Available globally, the service includes expert commentary and tools to help artists, designers, and content creators thrive. | Whalar | $20M | - | |
Nov-25 | Optima |  | Optima is an online learning platform dedicated to data science and artificial intelligence education. It delivers expert-curated courses, interactive tutorials, and AI-powered tutoring to learners worldwide. Users access modules on Python programming, machine learning models, neural networks, and data visualization through a subscription model. Launched in recent years, the San Francisco-based company partners with industry leaders like Google and Microsoft for content validation. Optima's adaptive learning engine personalizes study paths based on user performance, boasting completion rates above industry averages. The platform supports over 100,000 registered users across 150 countries. | DataCamp | $15M | - | |
May-25 | MyCaptain | | MyCaptain is a New Delhi-based EdTech platform delivering live online courses in business, design, content creation, and technology. It offers cohort-based Pro Courses spanning months, introductory Kickstarter programs, and flexible All Access subscriptions, taught by industry mentors through project work and internship placements. | Imarticus Learning | $5.9M | - | |
Jun-25 | Tynker | | Tynker is a visual programming platform for children aged 5 to 18. San Francisco-headquartered, it serves millions of users through self-paced online courses and school curricula. Kids create games, apps, animations, and mods for Minecraft using drag-and-drop blocks that transition to JavaScript and Python. Tynker integrates with robots like LEGO Mindstorms and drones, fostering computer science skills in over 100 countries. | CodeHS | $2.2M | 0.3x | |
May-26 | Noji | Noji is a flashcard app employing spaced repetition for retention in education, languages, and professional subjects. Users create or access pre-made decks with features like AI generation, image support, text-to-speech, and cross-device sync. | Delight Room | - | - | ||
May-26 | Korbit Technologies | | Korbit Technologies is a Montreal-based developer of AI-powered intelligent tutoring systems for data science and artificial intelligence education. The company builds real-time adaptive tutors that deliver personalized pedagogical support, including definitions, examples, illustrations, and mind maps tailored to individual learner needs. Korbit has deployed its platform to train nearly 20,000 students globally through partnerships with institutions like Mila, Quebec's AI institute. Recognized by CB Insights as one of the top 100 AI startups worldwide, the firm has earned coverage in outlets such as the New York Times, Forbes, and Bloomberg. Its technology scales across thousands of courses for broad educational reach. | Boostsecurity.io | - | - | |
May-26 | Treasury | | Treasury delivers investing education through videos and articles for the Her First $100K community. Content avoids jargon and judgment to teach personal finance. | Public | - | - | |
May-26 | Alongside | | Alongside is developing a mobile app featuring a chatbot that guides students to resources addressing their challenges. The app connects users to videos and support from peers facing similar issues in mental health and academic settings. Operating from the United States, it emphasizes accessible, conversational guidance for student well-being. | TimelyCare | - | - | |
Apr-26 | Paperless Lab Academy |  | Paperless Lab Academy is a global conference series and learning platform for digital transformation in laboratories. | 20/15 Visioneers | - | - | |
Apr-26 | FXE Trading Academy |  | FXE Trading Academy is a trading education and financial reporting company based in Melbourne and Ocean Grove, Australia. Founded around 2010, the firm delivers market analysis, trading courses, and insights covering stocks, forex, commodities, crypto, and smart money concepts. | OpenMarkets Group | - | - | |
Mar-26 | C | Career Club | Career Club is a virtual career center platform from iCareer. Students and graduates in the Arab region and North Africa build skills, explore paths, and access jobs through its digital tools. | Qualiphi | - | - |
Most active buyers of learning platforms companies
Amadeus Fire, MSP Radio and Multiverse are the most active acquirers of learning platforms companies in the last three years.
See all learning platforms acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Amadeus Fire | | Amadeus Fire Group is a Munich-headquartered provider of HR solutions including personnel leasing, permanent recruitment, and management consulting. Focused on IT, engineering, life sciences, and finance, it operates through brands like Amadeus IT and Headway for executive placements. The group maintains 25 branches in Germany and Austria, supporting over 15,000 placements yearly for clients like Siemens and BMW. | eduBITESMasterplan.com | 2 | |
MSP Radio | | MSP Radio LLC is a media company producing podcasts, articles, and interviews on managed service providers, covering business strategies and technology trends in the IT services sector. | IT Service Provider UniversitySmall Biz Thoughts | 2 | |
Multiverse | | Multiverse is a workforce upskilling platform specializing in apprenticeships for AI, data, cloud engineering, and software development roles. It serves over 1,500 partner organizations across the United States and United Kingdom, including enterprises like Microsoft, Salesforce, and Barclays. London-headquartered since its 2016 founding, Multiverse delivers degree-level programs that blend online learning with on-the-job training for workers at any career stage. Participants have generated more than $2 billion in return on investment for employers by boosting productivity in tech adoption projects. The platform expanded into Ireland in 2023 and supports scalable hiring through its Multiverse Academy. | StackFuelEduflowSearchlight | 2 | |
Gainsight | | Gainsight is a San Francisco-headquartered customer success platform that helps software companies retain customers and accelerate growth. The Customer Cloud integrates solutions for customer success management, product experience, revenue optimization, customer experience, and data unification. Founded in 2009, Gainsight serves enterprise clients like Salesforce and Zoom through its headquarters in San Francisco and offices in London, Hyderabad, and other locations worldwide. | SkilljarNorthpassErica Kuhl Consulting+1 | 2 | |
Veranda Learning Solns | | Veranda Learning Solutions Ltd develops and manages an integrated education technology platform in India, offering a range of learning programs for competitive and professional exam preparation. Its services include online, offline hybrid, and offline blended learning models, catering to students preparing for exams like UPSC, banking, railways, insurance, and chartered accountancy. The company also provides upskilling and reskilling courses for professionals and corporate employees. It operates through multiple brands and subsidiaries that deliver specialized coaching and digital content across academic, commerce, and government sectors. Veranda generates revenue from course fees and related educational services across India. | PhireThe SmartBridgeNavkar Digital Institute+2 | 2 | |
Imagine Learning | | Imagine Learning is a Provo, Utah-headquartered edtech company delivering digital curricula for English language learning and literacy to K-12 students. Its platforms include adaptive programs like Imagine Language & Literacy and Imagine Español, used in over 7,000 school districts across the United States. The company serves diverse learners with personalized instruction in reading, writing, math, and language acquisition, supporting multilingual classrooms nationwide. | Pango EducationCueThinkEarlybird Educare | 2 | |
General Atlantic | | General Atlantic is a New York-based growth equity firm managing over $84 billion in assets, investing in technology, healthcare, and financial services globally. It backs companies like Uber, Airbnb, and ByteDance with capital from late-stage venture to buyouts. Offices span 30 locations including London, Mumbai, and São Paulo, supporting expansions through sector teams in enterprise software and consumer internet. | Learning Technologies GroupArco EducacaoTEAM Services Group+2 | 2 | |
BTS Group |  | BTS Group AB is a professional services firm. The group helps companies and leaders at all levels to help them make decisions, go from decision to action, and deliver desired results. Its services include Strategy execution & business transformation, Leadership readiness & development, Go to market, Talent acquisition & succession, leadership development, business acumen, development of sales organizations, coaching, and digital services. It operates globally and has customers such as Salesforce, SAP, Abbott, Tetra Pak, EY, Vale, and BHP. The company's geographical segments include North America, Europe, Other Markets, and Advantage Performance Group (APG). | Sounding Board, IncWonderwaySEAC | 2 | |
Adda247 | | Adda247 is an edtech platform offering online preparation courses for competitive government exams in India. The service provides video lectures, mock tests, and live classes targeting exams such as SSC, Banking, and Railways recruitment tests. With content available in Hindi and English, Adda247 serves millions of aspirants through its mobile app and website, featuring daily quizzes and current affairs updates. | PrepInstaVeekshaEkagrata | 2 | |
Leeds Equity Partners | | Leeds Equity Partners manages private equity funds targeting knowledge industries such as education, training, and media from its New York headquarters. The firm has invested in over 40 companies including Academia Language Pro and Fullbridge, executing add-on acquisitions and operational improvements to drive sector consolidation. | LearnosityArcher ReviewOffSec | 2 |
Founders and investors we've worked with
We've supported winning builders across learning platforms and beyond.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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