Prosus Acquires Stack Overflow For $1.8 Billion
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 Big news! Stack Overflow is excited to be joining the Prosus family of companies, propelling us into our next phase of growth. Cheers to the future of workplace collaboration and learning! https://t.co/ENHi6pIfza pic.twitter.com/CWpq1LjyAz— Stack Overflow (@StackOverflow) June 2, 2021 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.
The acquisition move is seen as a bid to strengthen Prosus’ investment in the edtech space.
Europe’s biggest tech investment company Prosus has acquired knowledge sharing SaaS platform Stack Overflow for $1.8 billion.
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I am a technology journalist with AIM. I write stories focused on the AI landscape in India and around the world with a special interest in analysing its long term impact on individuals and societies. Reach out to me at shraddha.goled@analyticsindiamag.com.