BENGALURU: Online exam preparation service MockBank has bought a majority stake in custom web and mobile product development startup Litoro for an undisclosed amount.
Litoro had helped Mock-Bank develop the initial version of its service. The acquisition will help Bengaluru-based MockBank expand its course offerings and become more mobile-focused.
"We have acquired Litoro primarily for its experienced team. They knew about our product, which made the decision easy," said KonarkBSE -4.95 % Singhal, managing director of MockBank Learning. Founded in 2012, Vijaywadabased Litoro has 25-30 clients in the education sector.
Post acquisition, the team has shifted to Bengaluru. Litoro's founder Suresh Bala now heads the engineering team at MockBank, the companies said in a statement. MockBank said this is its first acquisition.