Listed London group Learning Technologies has snapped up a US EdTech in a £36.1 million deal.
LTG, a provider of services and technologies for digital learning and talent management, said the deal for Bridge would lead to a significant extension of its mid-enterprise learning and talent software offering.
Bridge, which was acquired from Instructure, has operations in the UK and Hungary. It provides a learning management system in addition to performance, engagement and skills development products, on a single SaaS-based platform.
LTG said Bridge is highly complementary to its platforms PeopleFluent, which serves the large enterprise market, and BreezyHR, which serves the small and medium-sized business market.
It will also be integrated with the recently acquired Reflektive engagement and analytics platform, creating opportunities for cross-selling and up-selling.
Bridge generated revenue of $21m in FY20, of which more than 90% was derived from recurring annual and multi-year contracts, and an EBITDA loss of $1.3m in the same period. It has more than 800 customers.
It represents LTG’s seventh acquisition since the £81.8m placing in May 2020.
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.”