Learning Technologies Group PLC Acquisition of Bridge for $50m (0714P)
15 Febbraio 2021 - 8:00AM
UK Regulatory
TIDMLTG
RNS Number : 0714P
Learning Technologies Group PLC
15 February 2021
15 February 2021
Learning Technologies Group plc
("LTG", the "Group")
(AIM: LTG)
Acquisition of Bridge for $50m
- Significant extension of LTG's mid-enterprise learning and talent software offering
Learning Technologies Group plc, the provider of services and
technologies for digital learning and talent management, has agreed
to acquire getBridge LLC and related assets ("Bridge"), a leading
learning and talent development software provider, from Instructure
Inc for a cash consideration of $50.0 million (c.GBP36.1
million).
Bridge is a learning, performance and skills development
platform for mid-enterprise organisations, headquartered in the US
with operations in the UK and Hungary. Bridge provides a learning
management system in addition to performance, engagement and skills
development products, on a single, easy-to-use, SaaS-based
platform.
The acquisition of Bridge significantly extends LTG's
mid-enterprise learning and talent offering. Bridge is highly
complementary to PeopleFluent, which serves the large enterprise
market, and BreezyHR, which serves the small and medium-sized
business market. The acquisition is strategically important because
it enables LTG to provide a holistic learning and talent
development offering to meet the needs of small, mid-size and large
enterprises, three distinct groups with varying requirements. The
combination and integration of Bridge with LTG's other portfolio
offerings, including the recently acquired Reflektive engagement
and analytics platform, will create opportunities for cross-sell
and upsell-led growth within the Group.
Bridge achieved unaudited revenue of c.$21.0 million in FY20, of
which more than 90% was derived from recurring annual and
multi-year contracts. It generated an EBITDA loss of c.$1.3 million
in the same period. With the operational synergies that will be
created with the rest of the Group, LTG expects Bridge to become
earnings accretive from H2 2021 and to align with its typical
software division margins by early 2022. Bridge has more than 800
customers which combined with LTG's global customer base represents
a compelling cross-selling opportunity.
The acquisition, which is expected to complete on 26 February
2021, is to be funded from LTG's existing cash resources.
Consideration of $50.0 million (c.GBP36.1 million) at completion
will be subject to customary price adjustments.
Bridge represents LTG's seventh acquisition since the GBP81.8m
placing in May 2020, bringing the total consideration spent to
c.GBP80.0 million (excluding performance-related earn outs) in that
time. In line with LTG's strategic target to deliver run rate
revenue of c.GBP230 million and Adjusted EBIT of c.GBP66.0 million
by the end of 2022, the Board will continue to pursue high quality
acquisition targets financed through its own cash resources and
modest levels of debt.
Jonathan Satchell, Chief Executive of LTG, said:
"I am delighted to welcome Bridge to LTG. Bridge adds real
strength and depth to our learning and talent offering for the
mid-enterprise market, which has attractive structural dynamics.
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. With Bridge, we are building on our
market-leading position in the strategically important area of
digital talent development."
ENDS
Enquiries:
Learning Technologies Group plc
Jonathan Satchell, Chief Executive +44 (0)20 7832
Neil Elton, Chief Financial Officer 3440
Numis Securities Limited (NOMAD and Corporate
Broker) +44 (0)20 7260
Stuart Skinner, Nick Westlake, Ben Stoop 1000
Goldman Sachs International (Joint Corporate
Broker) +44 (0)20 7774
Bertie Whitehead, Adam Laikin 1000
FTI Consulting (Public Relations Adviser) +44 (0)20 3727
Rob Mindell, Jamie Ricketts, Chris Birt 1000
About LTG
Learning Technologies Group plc (LTG) is a leader in the growing
workplace digital learning and talent management market. The Group
offers end-to-end learning and talent solutions ranging from
strategic consultancy, through a range of content and platform
solutions to analytical insights that enable corporate and
government clients to close the gap between current and future
workforce capability.
LTG is listed on the London Stock Exchange's Alternative
Investment Market (LTG.L) and headquartered in London. The Group
has offices in Europe, North America, South America and
Asia-Pacific.
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END
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