Skillbox bought 90% of the Brazilian online school Mentorama. The parties do not disclose the terms of the deal but it could range from $10 million to $20 million, Forbes reports with reference to the former co-owner of Skillbox Andrey Anishchenko.

The Mentorama deal will help Skillbox enter the online education market in Brazil, which may exceed $3 billion in 2023, and bring Skillbox closer to an IPO, experts say.

Mentorama startup was founded in 2020 by Anton Vinogradov. The project now offers users more than 50 courses in design, marketing, programming and game creation in Portuguese.

Earlier, Skillbox Holding Limited bought out educational platform SkillFactory.