prnewswire | October 07, 2020
Unmudl, the Course-to-JobSM marketplace, announces SUNY Broome Community College as its sixth community college partner. SUNY Broome will offer courses through Unmudl including Electrical Skills, Growing Your Business in a Post Pandemic World, Natural Gas Technology, Monetizing Websites, and Professional Photography, Dr. Kevin Drumm, SUNY Broome President, said, "We are so excited to join the Unmudl network of community colleges to connect learners and employers. Unmudl represents a unique opportunity to expand our workforce offerings that bridge into certificates, certifications, and degrees to adult learners across all of New York, nationally, and soon, internationally."
CORPORATE EDUCATION AND TRAINING
Skillsoft | December 23, 2021
Skillsoft, a global leader in corporate digital learning, today announced it has entered into a definitive agreement to acquire Codecademy, a leading online learning platform for technical skills, for approximately $525 million in cash and stock.
Codecademy is an innovative and popular learning platform providing high-demand technical skills to approximately 40 million registered learners in nearly every country worldwide. The platform offers interactive, self-paced courses and hands-on learning in 14 programming languages across multiple domains such as application development, data science, cloud and cybersecurity. In addition, the Codecademy platform can rapidly expand to deliver new skills at scale, making it highly adaptable to the evolving technical needs of learners and their employers. Codecademy, which was founded in 2011 and is headquartered in New York, is led by a proven entrepreneurial team that has built one of the most admired technical skills learning platforms in the industry.
“Codecademy will significantly expand Skillsoft’s capabilities in the high-growth Tech & Dev segment. Strategic acquisitions are an important part of our growth strategy. We acquired virtual instructor-led training capabilities with Global Knowledge and coaching with Pluma earlier this year. With the addition of Codecademy’s innovative capabilities, we will create an even more immersive online learning experience. When we combine Skillsoft’s enterprise customer base of more than 12,000 corporate customers and over 46 million learners with Codecademy’s 40 million learners, sophisticated digital marketing capability and influential brand, we expect to unlock significant revenue synergies.”
Jeffrey R. Tarr, Chief Executive Officer of Skillsoft
Following the close of the transaction, the Codecademy team will join Skillsoft to help further build out the leading technical skills training solution for learners globally.
“Since our founding, Codecademy has been focused on empowering our learners to build inspiring careers in technology,” said Zach Sims, founder and CEO of Codecademy. “We have helped tens of millions of people around the world learn new technology skills. Together with Skillsoft, we will have the opportunity to rapidly increase the size of our content library and scale Codecademy across the millions of learners and thousands of companies – including approximately 75% of the Fortune 1000 – that work with Skillsoft worldwide. With additional resources and opportunities to drive growth, we are excited to embark on this important next chapter.”
Strategic Rationale and Benefits
Creates a Leading Technology & Developer Offering. Adding Codecademy’s expertise in 14 programming languages across multiple domains to Skillsoft’s existing technical skills offering will create a leader in the high-demand, high-growth Tech & Dev segment. In addition, the capability of the Codecademy platform to rapidly add new programming languages and technical skills at scale will further enhance Skillsoft’s ability to meet the evolving demands of learners worldwide as it helps organizations address the critical technical skills gap.
Expands Immersive Platform with New Ways of Learning. Skillsoft has already assembled an expansive set of learning options, including virtual instructor-led training, coaching, micro videos, audio, books, bootcamps, live events, assessments and badges. Together with Codecademy’s interactive, self-paced courses and hands-on learning, Skillsoft will be able to deliver even more immersive experiences through its AI-driven platform, Percipio.
Creates Substantial Cross-Selling and Upselling Opportunities by Adding a Strong Brand and Powerful Digital Sales and Marketing Engine to Global Enterprise Sales Force. The acquisition will bring together Codecademy’s sophisticated direct-to-learner digital sales and marketing engine and Skillsoft’s enterprise sales organization, creating new opportunities to upsell and cross-sell across each company’s customer base, which is expected to drive customer growth and revenue synergies.
Expected to Be Significantly Accretive to Bookings and Revenue Growth Immediately Upon Closing. Codecademy is expected to deliver approximately $47 million in bookings and approximately $42 million in revenue for the calendar year ended December 31, 2021, up 23% and 31%, respectively, over the prior year. Codecademy is entirely a SaaS business and is expected to deliver gross margins of more than 85% in 2021 and be accretive to Skillsoft’s gross margin immediately upon closing. Codecademy is investing to fuel growth and, accordingly, is expected to generate negative EBITDA of approximately $20 million in 2021. Skillsoft expects it will accelerate Codecademy’s growth in its first year of ownership and that the acquisition will be accretive to EBITDA over the long term.
Skillsoft is a global leader in corporate digital learning, focused on transforming today’s workforce for tomorrow’s economy. The Company provides enterprise learning solutions designed to prepare organizations for the future of work, overcome critical skill gaps, drive demonstrable behavior-change, and unlock the potential in their people. Skillsoft offers a comprehensive suite of premium, original, and authorized partner content, including one of the broadest and deepest libraries of leadership & business skills, technology & developer, and compliance curricula. With access to a broad spectrum of learning options (including video, audio, books, bootcamps, live events, and practice labs), organizations can meaningfully increase learner engagement and retention. Skillsoft’s offerings are delivered through Percipio, its award-winning, AI-driven, immersive learning platform purpose built to make learning easier, more accessible, and more effective.
CORPORATE LEARNING SYSTEMS
Rosetta Stone | December 14, 2021
Rosetta Stone, the world's leading language learning brand, and HIAS, the international Jewish humanitarian organization, have extended their partnership to provide HIAS' refugee clients with free language learning software. Through the collaboration, Rosetta Stone donated 500 subscriptions that will help newly resettled refugees acquire language skills, more easily integrate into local communities, and open pathways to economic inclusion.
The UN Refugee Agency estimates that nearly 2 million people were forced to flee their homes during the first six months of 2021. Notably, forced migration is not specific to any one geographic region: Humanitarian crises around the globe are putting people at extreme risk; asylum seekers and refugees are braving unsafe conditions to start new lives; and political unrest is creating entire populations of stateless people with little emergency assistance.
HIAS is uniquely qualified to address the modern refugee crisis and has helped more than 4.5 million people escape persecution. The organization facilitates application processes, resettles the most vulnerable people from all over the world, and works with U.S.-based social-service organizations to welcome refugees into local communities.
HIAS first partnered with Rosetta Stone in 2019 to help refugees more easily enter into American society through language instruction. Rosetta Stone and HIAS then extended their collaboration in 2021 to continue assisting HIAS' clients with their education, social integration efforts and employment opportunities. HIAS and its clients have access to language lessons in 25 languages, including English, Arabic, Spanish, and more.
"Our partnership with Rosetta Stone has given refugees additional tools to acclimate to their new lives and navigate the resettlement process with increased confidence and language skills. We are excited to continue this partnership and continue to provide opportunities to our staff and clients to communicate more easily and create welcoming communities."
Mark Hetfield, President and CEO of HIAS
Bahati Buzindu, a refugee from the Democratic Republic of the Congo and HIAS client, shared, "Rosetta Stone is really helping me understand what other people are talking about, and I've been encouraging—and teaching—other refugees to use it, too!"
"Refugees come from all walks of life: They are doctors and farmers, interpreters and caregivers; some speak multiple languages, while others were denied a formal education. Regardless of a person's skill set, adjusting to a new home is incredibly difficult, especially after being forced to flee one," said Jennifer Gu, COO of IXL Learning, Rosetta Stone's parent company. "HIAS and Rosetta Stone's partnership is an important step toward helping resettled people grow new language skills, and empowering them to ease into communities and lead independent lives."
Through Rosetta Stone, learners practice new languages in an immersive environment that helps them build the fluency and confidence to speak. Lessons are filled with real-world images and audio from native speakers that accelerate language acquisition. Additionally, the TruAccent speech engine compares voices to native speakers, gives immediate feedback on pronunciation, and helps refugees feel confident participating in real-world conversations.
As part of the partnership, Rosetta Stone also provides HIAS employees with training on how to effectively administer language learning to users for maximum effectiveness. Additionally, HIAS and its affiliate network staff use Rosetta Stone to learn the native languages of the refugees they support, to better understand them and serve their needs.
About Rosetta Stone
Rosetta Stone is dedicated to changing people's lives through the power of language education. The company's innovative digital solutions drive positive learning outcomes for the inspired learner at home or in schools and workplaces around the world. Founded in 1992, Rosetta Stone uses advanced digital technology to help all types of learners read, write, and speak 25 languages. Rosetta Stone joined the IXL Learning family of brands in 2021.
HIAS is the international Jewish humanitarian organization that provides vital services to refugees and asylum seekers in 16 countries. We advocate for the rights of all forcibly displaced people to rebuild their lives and seek to create a world in which they find welcome, safety, and opportunity.