Online higher education company upGrad on Monday announced that it has entered into an exclusive acquisition agreement with Global Study Partners (GSP), Australia's largest study abroad company.

upGrad will invest $16 million to buy 100 per cent of GSP and commit a further $10 million for future growth. GSP is slated to close its current financials at a GMV of over $10 million, which will grow fourfold in the coming year.

"As an Integrated EdTech leader - we span the entire gamut of a learner's need from the age of 18-50, and in that, Study Abroad is a key growth initiative for us - not just out of India which is one of the two largest markets but also for our learners internationally," Ronnie Screwvala, Chairperson and Co-Founder, upGrad said in a statement.

Acquisition of GSP marks the first international acquisition for the edtech leader and strengthens its foray in Study Abroad, one of the fastest-growing segments worldwide.

(With inputs from IANS)