Busuu, the language learning platform, has expanded faster to take on the traditional giants including Duolingo. Busuu has acquired the live video tutoring company named Verbling for a hidden amount, other than calling that a double-digit million-dollar acquisition.
As a consequence, now Busuu will be able to utilize the Verbling platform to develop to the live video tutoring space for their customers as well as corporate clients. Recently, Busuu, globally has surpassed around 100 million users and has made it one of the fastest growing EdTech companies in the world. Also, it has reached to the cash flow break-even last year and is planning to produce more than $40 million in the revenues in 2020.
Bernhard Niesner, the CEO and Co-founder said that they also planned to go to public in future. He added that they were operating in the massive $60bn global language learning market with the digital language learning for representing a smaller market share (10%). The digital part would develop faster because of the customer adoption driven by a better learning outcome that is expected to reach $17bn market value in the year of 2027. He added that by getting the access to capital markets would have allowed them to increase their growth and to expand the other learning areas as well as to build globally leading, digital learning and multi-billion-dollar business.
This new Verbling based Busuu live will become a combination of the AI-powered learning interaction, content along with some other learners plus 1-1 live tutoring with the professional teachers.