GIGLETS Education, the online literacy software company, has completed a deal with ILT Education, a leading EdTech player headquartered in Sweden. The seven-figure deal will see Giglets CEO & Founder Craig Johnstone remain in his role and continue to grow the business from its Kilmarnock base.
Giglets enables schools and teachers to improve literacy results and raise learning standards in the classroom and at home, with more than 120,000 pupils and 40,000 teachers already using their multi-award-winning literacy platform. Started at school as part of an enterprise project and before being spun out as a digital business from the University of Strathclyde, the business has developed a suite of content for education, with more than 1,100 digital titles.
ILT Education is backed by the private equity firm Trill Impact, a Pan-European impact investor focussed on investing in businesses that generate significant environmental and societal benefits. Giglets aims to contribute towards this purpose mission jointly with ILT Education, especially by supporting our society to progress further on SDG 4 (Quality Education).
The deal follows an extended period of growth for Giglets, which turns over around £1 million each year. Giglets has recently expanded internationally, with a team in Canada serving the Canadian and North American markets. Together with our new owner, Giglets are looking forward to significantly accelerate our growth journey, both domestically and internationally.
The core team of twelve, including Craig and Jax McGhee, Chief Product Officer & Founder will be retained. Chairman & Founder Karsten Karcher will exit to focus on his other interests.
Craig Johnstone, CEO & Founder of Giglets said:
“Giglets becoming part of the ILT Education family is recognition of the robust and profitable business we’ve been to create over the last 10 years. This private equity backed acquisition comes as we look to accelerate our growth across the UK, Ireland and internationally and at a time when the EdTech market has never been more buoyant.’
‘I’m delighted to be staying at the helm of Giglets and continuing to lead the business in the next phase of our growth journey, whilst remaining focused on delivering world-class teaching and learning experiences for our customers and users.”
‘This is also fantastic news for Ayrshire, as we further secure existing jobs and work towards plans to grow the team to around twenty over the next two years.”
Jakob Skogholm, CEO of ILT Education said: “This acquisition marks an important milestone in ILT’s internationalisation, particularly in the sizable and attractive UK market. We have been impressed by Giglets’ people, culture and products. By joining forces with Giglets, we will be able to provide a broader and stronger suite of products towards a wider group of pupils and educators, further strengthening our mission to improve literacy and promote multilingualism across the world”.
The sellers were supported by the team at Grant Thornton LLP for Corporate Finance Advisory, Martin Aitken & Co for accountancy & tax, and Harper Macleod LLP for legal. The buyer was supported by the team at Alvarez & Marsal for accountancy & tax due diligence and CMS Cameron McKenna Nabarro Olswang LLP for legal.