Craig Johnstone, Giglets Education
Craig Johnstone, Giglets Education

ILT Education, an ed tech company headquartered in Sweden and backed by private equity firm Trill Impact, has acquired online literacy software provider Giglets Education in a seven-figure deal.

Based in Kilmarnock, Scotland, Giglets offers a literacy platform containing more than 1,100 digital titles used by 120,000 pupils and 40,000 teachers.

The company generates an annual turnover of around £1 million and recently expanded internationally, with a team in Canada serving the North American market. Giglets stated that the acquisition will significantly accelerate its growth both domestically and internationally.

Following the deal, Giglets founder and chief executive Craig Johnstone will remain in his role, as will founder and chief product officer Jax McGhee. Chairman and founder Karsten Karcher will exit the business to focus on other interests.

ILT Education was acquired by Trill Impact from Swedish private equity firm Priveq in June 2021. The company generated revenue of around 142 million kroner at the time.

Trill Impact invests in mid-sized companies that are based across Northern Europe and have the potential to accelerate their growth while generating significant environmental and societal benefits.

Johnstone said: “Giglets becoming part of the ILT Education family is recognition of the robust and profitable business we’ve been able 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 ed tech market has never been more buoyant.”

Jakob Skogholm, chief executive of ILT Education added: “This acquisition marks an important milestone in ILT’s internationalisation, particularly in the sizeable and attractive UK market.”

The sellers were supported by Grant Thornton for corporate finance advisory, Martin Aitken & Co for accountancy & tax, and Harper Macleod for legal. The buyer was supported by Alvarez & Marsal for accountancy and tax due diligence and CMS Cameron McKenna Nabarro Olswang for legal.

Date published: 18 March 2022

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