By Scott Wright

AN Ayrshire-based online literacy software company has been sold to a Swedish educational technology specialist in a “seven-figure” deal.

Giglets Education develops content to help schools and teachers improve literacy results, and raise learning standards in classrooms. It has more than 120,000 pupils and 40,000 teachers using its platform, and turns over around £1 million a year.

Now the firm is starting a new life under a new owner after being acquired by ILT Education. Giglet’s core team of 12, including co-founders Craig Johnstone and Jax McGhee, will remain with the business, which will continue to be run from Kilmarnock, but chairman and fellow co-founder Karsten Karcher has exited.

Mr Johnston, chief executive of Giglet, said: “Giglets becoming part of the ILT Education family is recognition of the robust and profitable business we’ve been to create over the last 10 years. This private equity-backed acquisition comes as we look to accelerate our growth across the UK, Ireland and internationally and at a time when the edtech market has never been more buoyant.

“I’m delighted to be staying at the helm of Giglets and continuing to lead the business in the next phase of our growth journey, whilst remaining focused on delivering world-class teaching and learning experiences for our customers and users.”

“This is also fantastic news for Ayrshire, as we further secure existing jobs and work towards plans to grow the team to around twenty over the next two years.”

The acquisition comes amid an extended period of growth at Ggilets, which recently set up a team in Canada to serve the North American markets.

ILT Education is backed by private equity firm Trill Impact, a pan-European impact investor focused on businesses that generate significant environmental and societal benefits.

Jakob Skogholm, chief executive of ILT Education said: “This acquisition marks an important milestone in ILT’s internationalisation, particularly in the sizable and attractive UK market. We have been impressed by Giglets’ people, culture and products.

“By joining forces with Giglets, we will be able to provide a broader and stronger suite of products towards a wider group of pupils and educators, further strengthening our mission to improve literacy and promote multilingualism across the world.”