MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--EdCast, the fast growing knowledge network for enterprise and personal learning, is thrilled to announce that it has agreed to acquire Sales University (http://SalesU.io), the Seattle-based creator of a revolutionary sales training app used by over 100,000 salespeople and Fortune 500 companies.
The acquisition agreement comes just a month after EdCast announced a $16MM Series B round of funding led by GE Asset Management and Softbank Capital, and demonstrates significant growth in EdCast knowledge network adoption at Fortune 500 companies. The need for a social learning solution for sales organizations is a $20 Billion market opportunity, yet 87% of information learned at sales training is lost after just 30 days, according to ASTD (American Society of Training & Development).
Sales University, based in Seattle, was founded in 2011 by former Microsoft engineers, funded by prominent angel investors and grew out of Microsoft Ventures Accelerator. Google, Samsung, Snapdeal and many large enterprises are customers of Sales University.
"Access to curated and personalized knowledge based on the roles and job function is the new competitive advantage in the rapidly changing knowledge economy," said Karl Mehta, Founder & CEO, EdCast Inc. "Sales University is the leading innovator in the Sales training category and we are excited to have their platform, customers and team to join the EdCast Knowledge Network.”
Kalpit Jain, co-founder & CEO of Sales University, said, "EdCast is leading the new category of Knowledge Network for enterprises across industry verticals and job functions. We are thrilled to be part of this fast growing market leader in an exciting space that can help the digital transformation of enterprises worldwide.”
Terms of the acquisition were not disclosed.
EdCast is a knowledge network built to inspire, empower and educate individuals and organizations to get smarter with daily curated & contextual bite-size insights (SmartBitesTM) with live access to influencers and Subject Matter Experts. EdCast Knowledge NetworksTM powers social, mobile and cloud-based informal learning for world-class institutions, enterprises, governments and nonprofits to enable millions to become lifelong learners.
The EdCast executive team has a track record of building large-scale transformational technology; all are passionate about the global impact of mobile and online knowledge sharing. EdCast is a Stanford StartX company backed by tier one VC firms and advised by visionaries and globally renowned thought leaders, Mitch Kapor and Prof. Jeffrey Sachs. The Company is based in Mountain View CA, with offices worldwide. More information can be found on http://edcast.com.
About Sales University
Founded by former Microsoft Engineers in Seattle in 2011, we have delivered training to more than 100,000 sales people. Fortune 500 customers include Google, Samsung, and innovative emerging growth companies like Snapdeal. We are passionate about mobile first learning. Our mobile apps are in the pocket of more than four million consumers. We have over 300 mobile apps for learning and training for iOS, Android and Windows. More information can be found on http://salesu.io.