GetSmarter
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Type of site | Online education |
|---|---|
| Industry | E-learning |
| Parent | 2U |
| URL | www |
| Commercial | Yes |
| Launched | 2008 |
| Current status | Active |
GetSmarter Online is a subsidiary of 2U, an education technology company. GetSmarter Online was founded in 2008 in South Africa by the Paddock family. GetSmarter offers online short courses in cooperation with universities and industry experts targeted at working professionals.
History
[edit]Founding
[edit]GetSmarter Online was founded in Cape Town, South Africa in 2008 by the Paddock family. Sam Paddock and his brother Robert were the principal founders. The brothers' father Graham and their mother were also involved in GetSmarter's early days. Graham worked as a real estate lawyer; He found traveling to train property managers excessively burdensome and created online property law courses to reduce his workload. Sam Paddock led a previous venture called GETWINE, an online wine seller, that also offered a popular wine appreciation course developed with Charl Theron from Stellenbosch University's department of viticulture and oenology.[1][2][3]
GetSmarter Online's business model focused on offering online short courses in partnership with universities and industry experts to working professionals. The company started with just five employees; the Paddocks funded payroll with revenue from their other business. The company soon entered a period of rapid growth.[1][2]
Expansion
[edit]By 2012, GetSmarter had R20 million in annual revenue. By 2015, revenue had increase to R128 million. GetSmarter was able to achieve a year-on-year growth rate up to 100%. This was partially a reflection of the rapidly expanding market for online education. In 2016, the company's headcount reached 400 employees including tutors, performance coaches, tech staff, and video producers; The company had also served about 50,000 students since its founding. In 2016, GetSmarter's revenue was about R227 million. That year the company obtained $5 million in funding from Digital Growth Africa Middle East (DiGAME), a subsidiary of Zouk Capital. Even after this investment GetSmarter was still able to grow by reinvesting its profits.[1][4][5][6]
As of 2017, notable partners had included Cambridge, Harvard, the Massachusetts Institute of Technology (MIT), Harvard, the University of the Witwatersrand, the University of Cape Town, and the business school at Stellenbosch University. With its partner schools GetSmarter was offering 70 continuing education courses such as a 10-week HarvardX course called "Global Health and Delivery." These courses served students in about 150 countries. The company operated out of dual headquarters in London and Cape Town.[1][4]
Acquisition
[edit]In 2017, GetSmarter Online was acquired by 2U, an educational technology company based in the United States, for $103 million. The deal included a $20 million earn-out contingent on financial performance. The deal was announced on 2 May 2017 and closed on 3 July the same year. The transaction was all cash due to South African regulations. Post-acquisition GetSmarter continued to operate independently.[1][4][2][3][5]
GetSmarter was 2U's first acquisition. 2U found the similarity of the two companies' business models to be a key selling point. This transaction also offered 2U very fast international expansion and an entry point into short courses.[1][4][6]
See also
[edit]References
[edit]- ^ a b c d e f Young, Jeffrey (4 May 2017). "Why 2U Decided to Buy a Little-Known South-African Company for $103M". EdSurge. Retrieved 4 June 2025.
- ^ a b c Moyo, Admire (4 May 2017). "Cash-rich GetSmarter ready to take on the world". ITWeb. Retrieved 4 June 2025.
- ^ a b Timm, Stephen. "I burnt myself into the ground, reveals Getsmarter co-founder Rob Paddock on $103m deal". Venture Burn. Retrieved 4 June 2025.
- ^ a b c d Howard, Caroline (2 May 2017). "EdTech Giant 2U Acquires GetSmarter For $103 Million". Forbes Magazine. Retrieved 4 June 2025.
- ^ a b Timm, Stephen (3 May 2017). "Chance meeting helped SA startup GetSmarter secure over $100m sale". Venture Burn. Retrieved 4 June 2025.
- ^ a b Ravipati, Sri (2 May 2017). "2U Acquires GetSmarter for $103 Million to Expand Non-Degree Alternatives". Campus Technology. Retrieved 4 June 2025.