Ofabee, a Kerala-based education technology B2B SaaS platform that enables coaching and training institutes to launch their own feature-rich and cutting edge coaching app, has been acquired by Ireland-based e-learning company OLIVE Group for an undisclosed amount.
Post-acquisition, the Ofabee online platform, a product of Enfin Technologies that was incubated under Kerala Startup Mission (KSUM), will be merged with OLIVE Group’s Mykademy.com, which would facilitate the customers to eventually migrate to the new platform.
As part of the acquisition, all the team members of Ofabee will join Mykademy and will be based out of Thiruvananthapuram.
Since its inception in 2012, Enfin Technologies has emerged as a video streaming specialized company, and worked with several prominent educational and corporate organisations.
The acquisition will make Dublin-headquartered OLIVE group’s Mykademy.com more robust and feature-rich for training institutes and tutors worldwide. The company is an early pioneer and leader in the EdTech industry in Europe, focused on delivering sophisticated learning platforms, digitization and training solutions for corporates and educational institutions across the globe.
For over 14 years, Olive Grouphas serviced over 25,000 clients to meet their complex and unique training goals.
“As we make investments that focus on developing and nurturing the training ecosystem, we are also committed to making our platform, Mykademy, more easier to navigate and richer for our customers. I welcome the Ofabee team to OLIVE Group as we continue our efforts to provide deeper value to our customers,” said Brendan Kavanagh, Chairman & CEO of OLIVE Group.
Kailas Satheesan, CFO & CEO of OLIVE Group India, said, “We are excited to announce our entry into the Indian training and coaching industry through the acquisition of Ofabee. We will be able to leverage their product and resources and serve Mykademy better.”
Ofabee has raised seed funds from KSUM and Center for Innovation Incubation and Entrepreneurship (CIIE). It has signed up with some of the leading educational institutions and a number of tutors across India.
Ofabee was in talks with multiple investors for closing their Pre-Series A funding, but its core team, Ayyappan Asokan, Syamkumar, Sajan Christudas and Vishnu Narayanan, decided to merge with Mykademy.
“We remain committed as a team towards our joint vision. Together, we can further accelerate the growth of Mykademy as we continue to enhance and build the most powerful and engaging course delivery platform for the tutors and training institutions,” said Ayyappan Asokan, Co-founder of Ofabee.