Europe’s biggest tech investment company Prosus has acquired knowledge sharing SaaS platform Stack Overflow for $1.8 billion.
Stack Overflow is a hugely popular online repository and question-and-answer website for software professionals, financial professionals, and marketers for improving coding skills. The website boasts over 100 million visitors a month.
The acquisition move is seen as a bid to strengthen Prosus’ investment in the edtech space and expand its footprint. Prosus has stakes in edtech companies such as Udemy, Byju, and Codeacademy.
“Prosus’s mission is to build leading companies that empower and enrich communities, as demonstrated by the many community-focused and EdTech companies they work with. This makes Prosus the perfect company to acquire Stack Overflow, and Stack Overflow the ideal investment in their focus on the future of workplace learning and collaboration,” said Prashanth Chandrasekar, CEO, Stack Overflow
Stack Overflow is one of Prosus’ biggest acquisitions. Prosus is the largest shareholder in Chinese tech giant Tencent, at a $200 billion holding in the company. In April, Prosus sold a fraction of its shares in Tencent to raise $15 billion. This reduced its share in Tencent from 30.9 percent to 29.9 percent, making it the second-largest ever block trade.
Prosus invests across a range of online platforms focused on delivery, fintech, and classifieds, for example, Movile and iFood.
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I am a journalist with a postgraduate degree in computer network engineering. When not reading or writing, one can find me doodling away to my heart’s content.