The acquisition creates substantial cross-selling opportunities and is expected to be immediately accretive to Skillsoft’s bookings and revenue growth and gross margins
Skillsoft (NYSE: SKIL), a global leader in corporate digital learning, today announced it has completed its acquisition of Codecademy, a leading online learning platform for technical skills.
The addition of Codecademy’s innovative and popular learning platform brings scalable, interactive courses and hands-on learning to Skillsoft’s existing offering and addresses deep user needs for modern technical skills in 14 coding languages as well as cloud, cybersecurity, and data science.
The acquisition creates substantial cross-selling opportunities and is expected to be immediately accretive to Skillsoft’s bookings and revenue growth and gross margins. The Company expects to begin offering enterprise customers an integrated solution in the coming weeks.
“This is an exciting day for Skillsoft as we take another significant step to advance our growth strategy with the addition of one of the foremost learning platforms for Tech & Dev skills,” said Jeffrey Tarr, CEO of Skillsoft. “We are delighted to welcome Codecademy’s founder and CEO Zach Sims to Skillsoft’s executive leadership team and our new Codecademy colleagues to Skillsoft. Our two strong teams together position us to fuel continuous growth for employees and their companies through learning experiences that are deeply absorbing and deliver exponential returns on time and effort while helping organizations address critical technical skills gaps.”
“Codecademy is embarking on our next chapter as a part of Skillsoft, and we see a bright future ahead with greater resources and new growth opportunities,” said Mr. Sims. “We are excited to bring interactive technical learning to thousands of companies and their employees worldwide, as well as expand our product and content offerings to better serve Codecademy learners throughout their careers in technology. By joining forces with Skillsoft, we are in an even stronger position to advance our collective mission and empower today’s workforce – including both individuals and organisations – with the skills for tomorrow.”
Barclays served as the exclusive financial advisor to Skillsoft, Citigroup served as capital markets advisor and Weil, Gotshal & Manges LLP served as legal counsel to Skillsoft.