Image Credits: VCG

Skillsoft (NYSE: SKIL), a corporate digital learning provider, announced recently it has entered into a definitive agreement to acquire Codecademy, a New York-based online learning platform for technical skills, for approximately $525 million in cash and stock. The transaction is expected to close in the first half of 2022, according to a statement.

Founded in 1997, Skillsoft builds software and educational programming for the enterprise and corporate sector. The company went public earlier this year through a SPAC with Churchill Capital.

Founded in 2011, Codecademy provides an online learning platform that teaches employable digital skills. Earlier this year, it has raised $40 million in a Series D round led by Owl Ventures, and joined by Prosus and Union Square Ventures.

“Codecademy will significantly expand Skillsoft’s capabilities in the high-growth Tech & Dev segment,” said Jeffrey R. Tarr, Chief Executive Officer of Skillsoft. “Strategic acquisitions are an important part of our growth strategy. We acquired virtual instructor-led training capabilities with Global Knowledge and coaching with Pluma earlier this year. With the addition of Codecademy’s innovative capabilities, we will create an even more immersive online learning experience. When we combine Skillsoft’s enterprise customer base of more than 12,000 corporate customers and over 46 million learners with Codecademy’s 40 million learners, sophisticated digital marketing capability and influential brand, we expect to unlock significant revenue synergies.”