Skillsoft Limited, a provider of cloud based learning solutions for customers worldwide, today announced that it has reached agreement on the terms of a recommended cash offer to be made by its indirect subsidiary, Skillsoft Ireland Limited, for the entire issued and to be issued share capital of ThirdForce Group plc. The acquisition is being structured as an Offer under Irish law.
The acquisition will add to Skillsoft’s existing offerings in learning content, and supports the company’s overall strategy to continually increase the quality and flexibility of the learning solutions it makes available to its corporate, government, education, and small-to-medium size business customers. Also, the addition of MindLeaders’ capabilities will strengthen Skillsoft’s ability to expand its compliance-related business in the United States and United Kingdom.
“We see compliance-related learning as a growth opportunity for SkillSoft. Currently, we are serving legal compliance and ES&H compliance needs of many our corporate customers, and our success has encouraged us to explore ways to accelerate this part of our business,” said Jerry Nine, Chief Operating Officer of Skillsoft. “MindLeaders’ learning content for food safety and adult care will immediately bring a wider range of compliance solutions to the customers we serve in the United States and United Kingdom. We are also excited about the potential to expand these compliance solutions to serve additional global markets in the future.”
MindLeaders offers many of the same financial and operating characteristics as Skillsoft’s business model, including an annual recurring subscription-based licensing model for access to its learning resources library, a direct sales force distribution system complemented by resellers and telesales support, and a corporate client base offering visibility through multi-year contracts. As a result, the acquisition is expected to support both Skillsoft’s revenue predictability and growth.