This article is cross-posted from edtechtimes.com, where I currently serve as editor-in-chief.

London-based Edxus Group, an London-based company is planning to spend €50-60 million ($64-$77M) to acquire companies and create a “European education champion” to compete with the U.S. market, according to TechCrunch and Edxus‘s site. Edxus is headed by a former business exec of Time Warner and top members of media investment firm IBIS Capital, which released a detailed report earlier this year on the edtech industry.

According to the TechCrunch article, Edxus plans to consolidate the fragmented European e-learning market, rivaling similar U.S. edtech giants such as Pearson, Blackboard, Macmillan, Kaplan and McGraw-Hill, which top the list of acquisitive e-learning companies.

From Edxus’ site, Charles McIntyre, the chief executive of IBIS Capital, added: “The European e-Learning industry currently displays both disruptive innovation and rapid growth but it is highly fragmented and lacks a dominant player. These are all characteristics of an attractive pre-consolidation phase industry so we expect our strategy to help the marketplace as a whole meet its enormous potential.”