India-based online higher education company UpGrad, which owns staffing firm Rekrut, announced that  it will acquire Global Study Partners, Australia's largest study abroad company, for AUD 16 million (USD 11.4 million) and commit a further AUD 10 million (USD 7.1 million) for future growth.

Founded in 2015, the Sydney-headquartered Global Study Partners has a network of over 600 institutions in Australia, Britain, Canada, and the US, and over 1,300 recruitment partners that include education and migration agents, schools, test preparation centres, alumni associations etc.

The acquisition marks the first international acquisition for upGrad and strengthens its foray into the study abroad space, one of the fastest-growing segments worldwide.

Global Study Partners is slated to close its current financials at a gross merchandise value of over AUD 10 million (USD 7.1 million).

"As an integrated edtech leader, we span the entire gamut of a learner's need from the age of 18-50, and in that, study abroad is a key growth initiative for us, not just out of India, which is one of the two largest markets but also for our learners internationally," Ronnie Screwvala, Co-Founder and Chairman, upGrad, said.

Elaine Starkey, CEO and Founder, Global Study Partners, said, “I couldn’t think of a more complementary business that is underpinned by shared principles and ethics “to empower learners throughout the world”. GSP partners', institutions and recruitment partners, worldwide, will enjoy the benefits that the additional reach and capacity GSP can now deliver, and they can expect significant growth in quality student enrolments.”