Edtech unicorn Guild Education just announced that it scored its first acquisition — a move that few companies have so far made in the downturn,It bought Entangled Group, an edtech studio that builds products, offers consulting services, and has invested in a host of edtech startups including Guild Education itself. Guild declined to reveal the cost of the acquisition.
Guild Education's core business focused on helping Fortune 500 companies offer education perks to their employees, but as the coronavirus forced companies to cut costs and lay off workers, the startup says it is working with the Entangled team to help furloughed and laid-off workers. "Many companies were laying off their frontline workforces or putting them on furlough, and they needed new ways to support those workers," Carlson said. "But they also needed career services and outplacement tools, which was exactly where the Entangled team was innovating and building products."
The acquisition may also be key to driving Guild's future innovations as edtech goes mainstream — the sector has already attracted more than $2 billion in venture funding during the first quarter of 2020, per Pitchbook.
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