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Skillsoft acquired by Berkshire, Advent and Bain for $1.1B

Dublin based SkillSoft PLC (NASDAQ: SKIL), a leading Software as a Service (SaaS) provider of on-demand e-learning and performance support solutions, announced the acquisition by an investor group including Berkshire Partners, Advent International, and Bain Capital Partners, for $1.1 billion.

“SkillSoft is pleased to announce the closing of this transaction,” said Chuck Moran, who will continue to lead SkillSoft as CEO together with the current management team. “We believe this represents an attractive outcome for our shareholders, and we view the transaction as an endorsement of SkillSoft’s commitment to providing innovative e-learning products, combined with unmatched customer service. We look forward to this next chapter of SkillSoft’s evolution in partnership with Berkshire, Advent and Bain Capital.”

“SkillSoft is a compelling company with an exceptional management team,” said Michael Ascione, a Managing Director of Berkshire Partners. “We look forward to supporting Chuck Moran and the SkillSoft team as they continue to grow SkillSoft’s strong position in the industry.”

“We expect the e-learning industry to exhibit strong growth characteristics over the next decade,” said Steve Tadler, a Managing Partner of Advent International. “We believe that SkillSoft is well-positioned to continue to develop and enhance its e-learning products and services.”

Ian Loring, a Managing Director of Bain Capital Partners, added, “SkillSoft’s strong position in the training industry and compelling economic model create the opportunity to invest in a range of strategic growth initiatives that offer significant long-term potential.”

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Midven sells Dynamic Change for £9m

Midven sells Dynamic Change to Allocate Software for up to £9.0 million over three years reaping 8x returns on investment. This includes £1.6 million of cash and receivables acquired with the business on completion.

Midven acquired the risk and performance management software vendor in 2003,  and during its holding period has seen the company’s customer base grow from two to 121 customers.

Dynamic Change is a UK-based software-as-a-service (“SaaS”) provider of regulatory compliance, corporate governance, risk and performance management for the UK healthcare market.

Allocate Software provides workforce optimisation software for companies with large and multi-skilled workforces, globally.

Mil Milojevic and Hugh Ashley, Founders and Managing Directors of Dynamic Change, said: “The strategic fit between Allocate and Dynamic Change is excellent for both customers and staff.  Regulatory compliance and business intelligence are rapidly emerging as some of the most exciting areas of the software market for healthcare and the enlarged group is well positioned to exploit this opportunity.  We look forward to contributing to Allocate’s continued strong growth.”

Commenting on the Acquisition, Ian Bowles, CEO of Allocate, said: “With this Acquisition we continue to broaden Allocate’s application portfolio for the healthcare sector which will now include regulatory compliance corporate governance, risk and performance management. We will also gain domain expertise in Software-as-a-Service. We believe this is an attractive opportunity to achieve additional visibility in our top-line growth and increase our recurring revenue base.”

Roger Wood, Director of Midven, said this is yet another example of how wellmanaged venture capital funds with a regional focus can make excellent returns for their investors from investing in early-stage technology businesses.
“This is the fourth highly profitable exit from the Advantage Fund, and the second in six months. This demonstrates that despite the economic environment, fast growing and profitable companies are still highly attractive acquisition targets. The West Midlands region is really proving itself to be a good home for such businesses and with significant new funds to invest we hope to help even more of them achieve similar success.” he said.