According to South African internet company Naspers’ H12022 financial results which were released yesterday, developer knowledge-sharing platform Stack Overflow recorded a 33% revenue growth in the six-month reporting period which ended 30 September 2022.
Naspers-owned Prosus acquired Stack Overflow in June 2021 for $1.8 billion, a deal both companies described as mutually-beneficial. Stack Overflow could use Prosus’ resources to scale its product offering while Prosus viewed Stack Overflow as the ideal investment for their focus on the future of workplace learning and collaboration.
After the acquisition, Prosus CEO of EdTech Larry Illg remarked, “We are thrilled to finalise the acquisition of Stack Overflow and begin working with the team to help accelerate Stack Overflow’s growth ambitions, with a particular focus on reaching a wider international community. We also look forward to helping their Stack Overflow for Teams product to expand and to position Stack Overflow at the centre of product and technology development within major enterprises globally.”
According to Naspers’ financial results, Stack Overflow’s total number of bookings grew by 53% during the reporting period, with revenue growing organically by 33%, to $45 million. This growth, according to Naspers, was driven by Stack Overflow for Teams, which enables organisations to build their own internal communities on top of the open platform.
By the end of the reporting period, Stack Overflow for Teams had 1,262 paying teams, generating an annual recurring revenue of US$50m, according to the financial results
Overall, Naspers’ edtech portfolio, which comprises 11 investments including platforms such as Stack Overflow, Skillsoft, Udemy and BYJU’s, saw revenues growing by 38% to $334 million, with $178 million in trading losses.