Pearson, a world leader in the language learning services market, has announced that it has taken over, for an unspecified price, the Romanian application company Ati Studios, founded in 2013 by Tudor and Alexandru Iliescu.
The Romanian company has developed the global language learning app Mondly, which has been downloaded by more than 100 million users worldwide.
“Mondly is a fast-growing, profitable company that expands our reach and scale in the language learning market and drives business growth. This acquisition is strategically important for the group, while being accretive and generating returns for shareholders,” said Andy Bird. , CEO of Pearson.
“We are thrilled to partner with Pearson, the world’s largest learning company, to help us achieve our goal on a larger scale. Together we will work to shape the future of language learning,” said Alex Iliescu, CEO and Co-Founder. of Mondly, in a press release.
The two sides did not provide details of the transaction – whether the full package of shares was purchased and at what valuation.
Ati Studios, owned equally by the two brothers, achieved a turnover of 10.6 million euros (compared to 8.7 million euros in 2019) and a net profit of 1.9 million euros (compared to 1.5 million euros in 2019) in 2020.
Mondly is a leading language learning platform that was named “Regional App of the Year” by Facebook, “App of the Day” by Apple, and “Editors’ Choice” by Google Play. Launched in 2014, it quickly became a leading app in the mobile space.
According to Statista, Mondly is currently in the Top 5 language learning apps in the world by number of downloads.
(Photo: Bang Oland | Dreamstime.com)