Keystone Education Group, based in Norway, has acquired Edunation and Asia Exchange, both prominent providers in the global education sector. Edunation, founded in 2017, specializes in facilitating access to Finnish education, offering pathways for international students to study and work in Finland. Asia Exchange, established in 2007, focuses on providing study abroad opportunities in various Asian destinations, such as South Korea, Bali, and Thailand. This acquisition is expected to enhance Keystone’s offerings, allowing it to support more students in pursuing education opportunities in Asia, Europe, and Latin America.
“This is a landmark moment in the history of Keystone, opening the door for millions of students to study opportunities in Asia, Europe, and Latin America. Last year, 120 million students used Keystone as part of their study search journey, and over 70,000 directly enrolled into a program through our services. With the help of Edunation and Asia Exchange, we expect to support thousands more in 2024 and beyond,” says Fredrik Högemark, CEO of Keystone. “These students will benefit from access to an expanded range of programs, including gap years, study abroad, pathways, and full degrees. We have built a strong network of international education agencies across Europe, and now it is time to take the next step in our global strategy by expanding further into the Asia-Pacific region,”
Founded by Harri Suominen and Tuomas Kauppinen, Asia Exchange was established in 2007 to help others benefit from the “life-changing experience” of studying abroad – inspired by their own experiences as exchange students in Asia during the mid-2000s.
Ten years later, they launched Edunation in 2017, providing pathways to work and study in the founders’ native Finland, and it has grown quickly to become the nation’s leading provider in recruiting foreign students to Finland.
“We are proud and humbled to be able to join a global powerhouse in the field of international education, especially one with roots in the Nordics,” said Suominen. “Asia Exchange will bring substantial strategic benefits to Keystone Education Group as the Asia authority of study abroad with a unique model enabling accessible study abroad for the many, not the few. Edunation has been committed to revolutionizing international student recruitment, guided by a vision of creating pathways for students worldwide to access high-quality education opportunities in the Nordics. With Keystone, we will further elevate our services and offerings to students, educational institutions, and partners throughout the Nordics and beyond. We are excited to welcome more international talents to the happiest countries in the world. Together, we will make a true impact.”
Asia Exchange has helped 10,000 students from 115 different countries to study at universities in unique destinations such as South Korea, Bali Indonesia, Thailand, Malaysia, Costa Rica, and Mexico.
Edunation focuses on expanding global access to Finnish education, cooperating with Finnish universities and colleges to provide degree programs, top-ups, language training and pathways for more than 1000 students every year. It has strong strategic partnerships with many Finnish employers, with the goal of not only helping with education, but also securing students a job in the “happiest country in world”.
On Keystone’s long-term vision, Högemark said the deal would bring the company closer to its ultimate goal of becoming “the global leader in education matchmaking,” offering a comprehensive one-stop solution for all student marketing and recruitment needs while helping students along their educational journey.
“We aim to be a valued partner for both students and universities, connecting and supporting them throughout the entire process — from research and discovery to application, enrollment, and retention,” he said. “Whether a student wants to find study options at home or abroad, our mission is to help them discover and successfully access these opportunities.”
The deal follows the acquisition of German study search platform studddy in 2023, as well as key players within international student marketing and recruitment, including FindAUniversity, UniQuest, and a range of student-athlete agencies such as AGM Sports, Sport-Scholarships, and Future Elite.
Edunation and Asia Exchange will join Keystone’s network of student recruitment agencies within the Keystone Study Abroad division, including Blueberry and Study Outside Norway (SONOR).
Click here to read more M&A news.
