Skillsoft has announced the completion of its US$525 million deal to acquire its edtech rival, online learning platform Codecademy. The acquisition, originally revealed last December, creates substantial cross-selling capacity and according to the announcement, Skillsoft's enterprise customers can expect an integrated solution - with Codecademy's courses accessible through Skillsoft's platform - available in coming weeks.
On Codecademy's end meanwhile, founder and CEO Zach Sims has stated that the brand, product, and learning experience will remain unchanged for users. He said that the acquisition represents a "bright future ahead with greater resources and new growth opportunities" for Codecademy.
Sims has joined the Skillsoft executive team, and no layoffs have so far been reported at the Codecademy team of approximately 500.
Skillsoft CEO Jeffrey Tarr meanwhile said the combination of the two firms' capabilities puts Skillsoft in an even stronger market position. “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,” he said.
On Skillsoft's side of the deal, Barclays served as financial advisor, Citigroup served as capital markets advisor, and Weil, Gotshal & Manges LLP served as legal counsel.