RIIID ANNOUNCES ITS ACQUISITION OF QUALSON

Rhea-AI Summary

Riiid Inc. (RIID) acquires Qualson Co Ltd., a leading English language learning and content provider based in South Korea. Qualson is known for its popular Real Class™ English language learning platform, utilizing high-quality content from international media companies. The acquisition enables Riiid to enhance Qualson's products with its AI technologies and accelerates the development of its future ESL product. The acquisition is expected to close in Q1 2024.

• Acquisition combines Riiid's advanced AI assessment technology with Qualson's premium English language learning content
• Founded in 2012, Qualson is known primarily for its widely popular Real Class™ English language learning platform
• Enables augmentation of Qualson's learning platforms via Riiid's AI, while also helping to accelerate Riiid's future product launches

SAN RAMON, Calif., Dec. 21, 2023 /PRNewswire/ -- Riiid Inc., a Softbank Vision Fund-backed AI education technology company, announced today the acquisition of Qualson Co Ltd., a leading English language learning and content provider based in South Korea. Qualson is the owner and operator of popular B2C English learning platforms including its flagship Real Class™, known widely for using high quality content sourced from international media companies to teach real-world, conversational English.

Founded in 2012, Qualson has operated a diverse portfolio of language learning brands and is known for collaborating with well-known public personalities in South Korea to deliver premium Hollywood movie and TV show-based learning content. Users of Qualson's products including Real Class™ seek practical, daily English learning lessons and participate in live classes in addition to consuming video-on-demand ("VOD") content. 

The acquisition enables several routes for Riiid to augment Qualson's products via injection of its globally-renowned "knowledge tracing" and "content recommendation" AI technologies. Equally, Qualson's premium and loyal user base, ultra-high quality content, and English-as-a-second-language ("ESL") market 'know-how' enables Riiid to accelerate development of its future ESL product. Qualson's CEO, Sooyoung Park, will take on a larger role within the combined business.

The acquisition is expected to close in Q1 2024 and is subject to customary closing conditions.

About Riiid

Founded in 2014, Riiid Inc is an artificial intelligence-driven, education technology company backed by the Softbank Vision Fund. Riiid operates several products using its core AI technologies, including its flagship product Santa TOEIC™, an app that helps students primarily in South Korea, Japan and Taiwan prepare for the Test of English for International Communication (TOEIC), and R.Test, a rapid diagnosis platform for the US market that helps students assess their expected performance on high stakes exams including the ACT and SAT. Riiid also packages and offers its core technologies to other education services companies and public organizations through custom solutions and APIs.

About Qualson

Founded in 2012, Qualson is known primarily as the parent company of Real Class™, a leading ESL learning platform that utilizes universally-recognized global IP from major Hollywood studios including Warner Media and NBC Universal to deliver 'real-world' conversational English lessons to users in South Korea. Real Class works with star teachers to deliver its high quality content in VOD and live class formats. Qualson also owns a controlling stake in Meganext, which provides human resource development ("HRD") services to corporates in Korea that seek to offer English learning opportunities to employees.

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SOURCE Riiid

FAQ

What is the latest acquisition involving Riiid Inc. (RIID)?

Riiid Inc. (RIID) has announced the acquisition of Qualson Co Ltd., a leading English language learning and content provider based in South Korea.

What is Qualson known for?

Qualson is known for its widely popular Real Class™ English language learning platform, which uses high-quality content sourced from international media companies to teach real-world, conversational English.

What are the benefits of the acquisition for Riiid?

The acquisition enables Riiid to enhance Qualson's products with its globally-renowned 'knowledge tracing' and 'content recommendation' AI technologies, and accelerates the development of its future ESL product.

When is the acquisition expected to close?

The acquisition is expected to close in Q1 2024 and is subject to customary closing conditions.