Learning software firm continues growth strategy with $31.7m acquisition
A digital learning technology provider has announced its proposed acquisition of a learning software firm for $31.7m.
Learning Technologies Group (LTG), which is headquartered in London, is set to purchase the business and assets of Open LMS from Blackbird in the multi-million dollar acquisition.
The acquisition aims to support LTG’s strategic goal to achieve run-rate revenues of £200m and run-rate Adjusted EBIT of at least £55m by the end of 2021.
Andrew Brode, chairman of Learning Technologies Group, commented: “The addition of Open LMS demonstrates LTG’s unique position as a consolidator in the market for learning and talent management software and services.
“It follows our most recent acquisition, BreezyHR, acquired in April 2019, which has enjoyed excellent growth with revenues increasing by c.60 per cent in FY19. We expect the acquisition of Open LMS to be attractively earnings enhancing.
“The benefits of our broad portfolio are recognised by LTG’s corporate customers, and this opens up an array of opportunities to greatly enhance the revenue of the Open LMS business.”
Following completion of the deal, Open LMS will be operated as a standalone brand within LTG’s portfolio of businesses. Phill Miller, chief learning and innovation officer at Blackboard, will join LTG as managing director.
Phill Miller, chief learning and innovation officer at Blackboard, added: “I’m thrilled to be joining LTG and to have the opportunity to deliver on the strong growth potential for Open LMS as part of LTG’s portfolio of best in breed technologies for learning and talent management.”
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