Last Updated: June 21, 2021
Prosus NV announced the acquisition of Stack Overflow, an online forum for software engineers, for $1.8 billion in a bet on increased demand for online tech courses.
Stack Overflow, headquartered in New York City, is a Q&A website used by software engineers and other sorts of employees, such as financial experts and marketeers, who are constantly in need of coding skills. According to the corporation, it receives more than 100 million visits every month.
Prosus, one of Europe’s most valuable technology companies, is best known as the largest investor in Tencent Holdings Ltd, the Chinese internet and video game giant. Prosus, which is listed in Amsterdam, revealed its desire for deal-making in April when it sold a minor amount of its ownership holding in Tencent for $14.6 billion. Stack Overflow is one of Prosus’ largest purchases.
Prosus invests internationally in a variety of online platforms, including food delivery, classifieds, and finance. It also has a stake in Tencent worth more than $200 billion. Naspers Ltd., Prosus’ parent firm, paid $34 million for Tencent’s shareholding in 2001.
Stack Overflow will continue to operate separately with its present staff and will seek to quickly grow its services, including its paid service.
“Once this acquisition is completed, we will have more resources and support to grow our public platform and paid products, and we will be able to tremendously accelerate our global impact,” Stack Overflow CEO Prashanth Chandrasekar wrote in a blog post, adding that the way people use its website will not change in the coming weeks or months. “This might take the form of quick and strong international expansion, M&A prospects, and deeper relationships both on and within Stack Overflow for Team.”
Learning connected with technology, particularly for professionals, is being viewed as a significant potential in the next decades as more sectors are altered by technology. Investors are supporting a wide range of initiatives, from Moocs to players collaborating with companies to reskill their workforces.