In an unexpected development, Quizac, an educational technology startup previously slated for closure this month, has been acquired by Tekedia Capital, an investment syndicate. The financial details of the acquisition have not been disclosed, as both parties have chosen to remain silent on the matter. Tade Samson, one of the founders, revealed that the negotiations for the acquisition progressed rapidly, with the entire transaction being finalized in less than a week.
Quizac, established in 2019 by Tade Samson, Tobi Awogbemi, Hussein Alayo, and Babatunde Caleb, specialized in creating engaging, gamified educational content tailored for African students through a collaborative network of content creators. In 2021, the startup expanded its services to cater to corporate clients, aiming to enhance employee training and development.
Although Quizac successfully attracted nearly 13,000 learners, the startup struggled to generate revenue. Eventually, it recognized that corporate clients represented a more profitable market segment. However, despite this realization, the decision was made to cease operations, leading up to the acquisition by Tekedia Capital.
Tekedia Capital, a versatile investment syndicate that supports a variety of startups including OurPass, Mecho Autotech, and Vetifly, also offers educational programs such as the Tekedia Mini MBA. The acquisition of Quizac presents an opportunity for Tekedia Capital to incorporate gamified learning into its educational offerings.
In a statement, Tekedia Capital expressed its vision for the integration:
We plan to embed Quizac’s technology into the foundational framework of Tekedia, providing our learners with an engaging and interactive experience. Our goal is to gamify the journey of entrepreneurial capitalism and the mastery of market friction resolution, all within the context of the essential elements of people, processes, and tools, and underpinned by knowledge, capital, and the willingness to take risks.
Following the acquisition, the founders of Quizac will depart from the company, but the existing team will remain to assist with the transition period.
Samson conveyed his thoughts on the acquisition, stating:
They say all good things must come to an end, but for Quizac, this marks a fresh chapter. I am excited to announce that Tekedia Capital has acquired Quizac. I am confident that with this new development, Quizac will not only continue its original mission but will also reach new heights, potentially revolutionizing the educational landscape beyond the African continent. As part of the Tekedia Capital ecosystem, Quizac will benefit from access to a wealth of data resources and assets.
