Toronto startup Notesolution acquires StudyMonkey?

Notesolution, a Toronto startup, may have just acquired direct Canadian competitor StudyMonkey, sources say.

The two similar startups are among the only of their type—freemium note sharing for students—in the country. Notesolution was the first to launch and remains the biggest with 18,000 notes in its database and 20,000 users registered. It has raised nearly $300,000 in funds this year.

The free service issues credits to students who upload notes. Students can then use these credits to download other students’ notes. Credits can also be bought should students not want to use the exchange-based model.

StudyMonkey has added to their website a page describing a “partnership” with Notesolution in which the two startups “join forces,” but sources suggest that the company was in fact bought. This is further evidenced by the fact that all of StudyMonkey’s notes and credits will be moved to, according to the site—a sign of an exit, not a collaboration.

We expect to have this rumour confirmed from one or both of the companies within the next few days as the dust settles on this startup-eat-startup deal.