There is another consolidation step on the fragmented European tutoring market.
The Viennese tutoring platform GoStudent takes over the leading tutoring company in German-speaking countries from IK Partners.
There is no information about the purchase price.
With this, GoStudent is accelerating the mixed learning strategy with digital and stationary offerings to promote future growth.
GoStudent is one of the largest online tutoring services in the world.
Studienkreis controls the market for stationary tutoring in German-speaking countries.
Business correspondent for Austria and Hungary based in Vienna.
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"This brings us much closer to our medium-term goal of achieving a market share of more than ten percent in Europe," said GoStudent CEO Felix Ohswald.
However, these figures only refer to the pure tutoring market.
When considering the number of students, they are higher.
The global online tutoring market, valued at €145 billion in 2020, is expected to reach €269 billion by 2026.
Although there is weaker growth in the short term than in recent years, the prospects for education providers remain promising.
Teacher shortages, gaps in education and access to education all contribute to this.
Of course, learning providers are also feeling the effects of inflation and the subdued economic outlook.
This is reflected in weaker growth rates compared to the past few years, instead of three digits, it is only in the double digits.
"The education sector is comparatively crisis-resistant," says Ohswald.
Studienkreis is the largest takeover to date
In the past twelve months, the Austrian specialist has driven consolidation in the learning market with the acquisition of several companies, including the British company Seneca Learning, the Tus Media Group from Spain and Fox Education from Austria.
These acquisitions made it possible to break into the field of artificial intelligence-based learning content.
Access to tutors and the market has also been improved and expanded.
Studienkreis is the largest takeover to date.
With the integration of the traditional education broker, the company can now also address customers who prefer learning on site or group lessons.
"More than 1.5 million online tutoring units are booked with GoStudent every month, but we believe that the future of learning is hybrid." From Ohswald's perspective, the combination of online and face-to-face offers creates a multi-channel model that families brings maximum benefit and creates a barrier for competitors.
It is this winning combination that will drive future growth while increasing profitability.