In a surprising turn of events, Quizac, an edtech startup that was billed to shut down this month, has been acquired by the investment syndicate, Tekedia Capital. Both parties declined to comment on the cost of the acquisition.
Conversations regarding the acquisition were fast, according to Tade Samson with the deal completed in under a week.
Founded in 2019 by Tade Samson, Tobi Awogbemi, Hussein Alayo, and Babatunde Caleb, Quizac created gamified learning content for African students using a network of contributors. In 2021, it extended its offering to corporate organisations looking to boost learning among employees.
Despite signing up nearly 13,000 learners, monetisation remained a challenge and while it eventually figured out corporate users were a more lucrative customer segment, it ultimately chose to shut down.
Tekedia Capital is a sector-agnostic syndicate with startups such as OurPass, Mecho Autotech, and Vetifly. It also runs several training programmes including the Tekedia Mini MBA. Acquiring Quizac enables it to integrate gamified learning on its platform.
"We will bake Quizac technology into the core engine of Tekedia, offering learners immersive experience so that the pursuit of entrepreneurial capitalism and the mastering of fixing market frictions within the pillars of people, process, and tools powered by knowledge, capital, and risk taking will be gamified," a statement from Tekedia Capital reads.
Quizac's founders will exit the business following the acquisition, although the team will stay on to aid the transition.
"They say all good things must come to an end, but for Quizac, this is more of a new beginning. I am pleased to announce that Tekedia Capital has acquired Quizac. With this acquisition, I am confident that Quizac will not only continue to fulfil its mission but also expand into broader markets, helping to transform learning beyond Africa. Quizac will be seamlessly integrated into the Tekedia Capital ecosystem, gaining access to Tekedia's extensive data assets and resources," Samson shared with Techpoint Africa.
