IBL News | new York
Instructure Inc, the owner of Canvas LMS, quietly sold their enterprise LMS for businesses this week. Bridge based in london Learning Technologies Group plc (LTG), which operates two platforms: PeopleFluent and BreezyHR.
The London Stock Exchange (RNS) news service said the acquisition amount was $ 50 million in cash.
Bridge recorded a income from $21 million Last year, of which more than 90% came from recurring annual and multi-year contracts with 800 clients. It posted an EBITDA loss of $ 1.3 million during the same period.
“This latest addition enables LTG to provide a holistic learning and talent development offering to meet the needs of small, medium and large businesses.” noted Jonathan Satchell, Chief Executive Officer of LTG, in a press release. Significantly, Instructure has yet to announce the transaction.
The acquisition of getBridge LLC– the company behind Bridge – is expected to close on February 26, 2021. It will be funded from LTG’s existing cash resources, according to the company.
The bridge represents Seventh acquisition of LTG since May 2020, including Open LMS / Moodle Rooms. Its board of directors announced that “it will continue to pursue high quality acquisition objectives funded by its own cash resources and modest debt levels”.
LTG companies include LEO Learning, Gomo, PRELOADED, Rustici Software, PeopleFluent, Affirmity, Watershed, VectorVMS, Instilled and Open LMS.