March 29 (SeeNews) - The European Commission said it has approved unconditionally, under the EU merger regulation, the proposed acquisition of Croatian EdTech app Photomath, a math learning platform with over 300-million downloads, by Global technology giant Google.
“The commission concluded that the transaction would raise no competition concerns in the European economic area”, it said in a press release on Tuesday.
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Photomath owns an online homework and study help app that uses a smartphone's camera to scan and solve maths problems.
Based on its market investigation, the Commission found that the transaction would not significantly reduce competition in the markets for online homework and study help tools that include maths as a subject offering and general search services.
Photomath was developed by Croatian engineer Damir Sabol, who was looking for a way to help his kids with their math homework, according to its website. The value of the deal was not disclosed.
Photomath, now headquartered in the US, provides free and premium versions of an online homework and study help maths app that utilises a smartphone's camera to scan and solve ‘symbolic maths' problems. These include pre-algebra through to calculus problems that use mathematical notation to represent a mathematical idea or relationship between two ideas, such as roots, quotients, indices or powers. Photomath provides users with step-by-step explanations to solve maths problems.
It could be one of the largest acquisitions in Croatia so far and potentially it could be bigger than the 1.0 billion kuna ($144 million/133 million euro) acquisition of gaming company Nanobit in 2020, Croatian daily Jutarnji List daily reported last month, without citing sources.
($ = 0.920 euro)