Hotmart, a Belo Horizonte, Brazil-based platform which creates and sells online courses, is buying New York-based Teachable, a similar business, in a deal expected to complete in the second quarter, EdSurge has reported.
Founded in 2014, Teachable has more than 50,000 creators and 30 million students on its platform, according to an online post from Teachable chief executive Ankur Nagpal, who continues in the role.
Teachable will keep its own brand within Hotmart. Teachable had raised $12.5 million in venture capital, with investors including Accomplice Ventures and Naval Ravikant, co-founder of AngelList.
In an online post Hotmart chief executive João Pedro stated that Hotmart had made the purchase to grow its presence in the US. The company has 670 employees, mostly in Latin America and Europe, which will increase to around 800 post acquisition.