Listed London group听Learning Technologies听has snapped up a US EdTech听in a 拢36.1 million deal.听
LTG,听a听provider of services and technologies for digital learning and talent management,听said the deal for Bridge听would lead to a听significant extension of听its听mid-enterprise learning and talent software offering.听
Bridge, which was acquired from听Instructure, has operations in the听UK and Hungary.听It听provides a learning management system in addition to performance, engagement and skills development products, on a single SaaS-based platform.听
LTG said听Bridge is highly complementary to听its platforms听PeopleFluent, which serves the large enterprise market, and听BreezyHR, which serves the small and medium-sized business market.听听
It听will also be听integrated听with the recently acquired听Reflektive听engagement and analytics platform, creating听opportunities for cross-selling and up-selling.听听
Bridge听generated听revenue of $21m听in FY20, of which more than 90% was derived from recurring annual and multi-year contracts, and an听EBITDA loss of $1.3m in the same period.听It听has more than 800 customers.听
It听represents LTG鈥檚 seventh acquisition since the 拢81.8m placing in May 2020.听听听
Jonathan Satchell,听chief听executive of LTG, said:听“I am delighted to welcome Bridge to LTG.听 Bridge adds real strength and depth to our learning and talent offering for the mid-enterprise market, which has attractive structural dynamics.听听听
鈥�Since the onset of the global pandemic, we have continued to execute on our growth strategy, adapted to new environments and pursued a pipeline of acquisition targets that create long-term value for our stakeholders.听听
鈥�With Bridge, we are building on our market-leading position in the strategically important area of digital talent development.鈥�听