Monthly Market Update August 2025

Education & Training monthly market update

A data-first snapshot of public market trading, sector performance, and M&A activity across Corporate Training, EdTech, PreK-12, Higher Education, and Workforce Development, all as of July 31, 2025.

Education & Training July 2025 data Published August 2025

Navagant Education & Training Monthly Market Update - August 2025

This update is prepared by Navagant’s Education, Training & Workforce Development Practice. For questions, contact Jacob Voorhees or Shawn Keenan.

Sector valuations spread widely at the July close, with harmonic-mean TEV/EBITDA multiples ranging from 3.0× (EdTech) to 9.7× (Corporate Training). Higher Education and Workforce Development both finished at 84% of 52-week levels, while Corporate Training trailed the coverage group at 62%. Lincoln Technical Institute closed July at 94.5% of its 52-week high, Graham Holdings at 94.0%, and Coursera at 93.2%. Coursera was the month’s strongest single move at 40.5%, lifting both the EdTech and Higher Education tables, and July’s headline transactions landed in PreK-12 and Workforce Development, where Harvest Partners acquired The Learning Experience and CPP Investments took Neogov.

This monthly update summarizes key trading statistics, historical valuation trends, and notable M&A transactions across our five coverage sub-sectors, Corporate Training, EdTech, PreK-12, Higher Education, and Workforce Development, as of July 31, 2025. Data is sourced from PitchBook.

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Sector Overview Corporate Training EdTech PreK-12 Higher Education Workforce Development

Sector overview

As of July 31, 2025 · Source PitchBook

Trading multiples across all five education and training sub-sectors at month-end, showing TEV/Revenue, TEV/EBITDA, and P/E ranges.

Multiple

TEV / Revenue

Harmonic means. Source: PitchBook.

Multiple

TEV / EBITDA

Harmonic means. Source: PitchBook.

Multiple

P/E Ratio

Harmonic means. Source: PitchBook.

Operating Trading Statistics

Metric	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Development
2025E Revenue Growth	-2%	5%	6%	7%	-1%
2025E EBITDA Margin	-38%	2%	16%	16%	17%
% of 52-Week High	70%	75%	62%	84%	84%
Debt / 2025E EBITDA	0.7×	2.0×	0.2×	0.9×	1.0×

Data as of July 31, 2025. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Coursera+40.5% D2L+12.4% Chegg+5.5%	Scholastic+14.4% Nerdy-1.3% Bright Horizons-6.3%	Docebo+12.6% Thinkific+1.1% Pearson-0.4%	Coursera+40.5% D2L+12.4% Laureate Education+12.0%	Randstad+12.8% DHI Group+1.5% HealthStream-1.8%
Last 3 Months	Chegg+85.6% Coursera+42.0% D2L+25.5%	Scholastic+35.2% Nerdy-3.1% Stride-9.2%	Docebo-2.1% FranklinCovey-3.0% Thinkific-7.8%	Coursera+42.0% Lincoln Technical Institute+33.7% D2L+25.5%	DHI Group+87.9% Randstad+21.8% Korn Ferry+16.1%
Last 12 Months	Coursera+28.6% D2L+26.6% Nerdy-11.0%	Stride+70.0% Bright Horizons-5.5% Nerdy-11.0%	Stride+70.0% Pearson+5.1% NIIT-8.9%	Universal Technical Institute+68.2% Lincoln Technical Institute+60.2% Laureate Education+47.3%	DHI Group+25.0% Randstad+0.5% Korn Ferry-2.8%

Data as of July 31, 2025. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.5× TEV/Rev, 9.7× TEV/EBITDA

Corporate Training carried the coverage group’s richest TEV/EBITDA harmonic mean at 9.7×, yet closed at just 62% of 52-week highs, the widest discount in our coverage. Wilmington (81.0%) and Pearson (79.6%) led the group into month-end, with Stride at 79.0% and John Wiley & Sons at 71.5%, while SkillSoft (41.4%) and FranklinCovey (44.6%) remained the deepest discounts. Docebo added 12.6% on the month and Thinkific 1.1%, the only two names in the set to finish July higher. Stride holds the strongest twelve-month return at 70.0%. July M&A was led by Enterprise Information Resources’ acquisition of learning management operator Plesm and Synergie Italia’s purchase of Risorse Italia.

TEV / Revenue

1.5×

TEV / EBITDA

9.7×

2025E Rev. Growth

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$267.10	67.1%	166,364	165,887	68,483	32%	13,666	17%	6%	2.4×	12.1×
Docebo	TSE: DCBO	30.38	56.1%	900	810	223	81%	35	10%	17%	3.6×	23.1×
FranklinCovey	NYS: FC	19.71	44.6%	249	218	280	77%	40	9%	0%	0.8×	5.4×
John Wiley & Sons	NYS: WLY	38.60	71.5%	2,069	2,882	1,678	74%	398	20%	-10%	1.7×	7.2×
NIIT	BOM: 500304	1.32	47.8%	180	89	42	26%	4	23%	18%	2.1×	20.8×
Pearson	LON: PSON	14.22	79.6%	9,226	10,411	4,538	51%	1,013	22%	-3%	2.3×	10.3×
SkillSoft	NYS: SKIL	14.26	41.4%	122	574	527	75%	112	10%	-3%	1.1×	5.1×
Stride	NYS: LRN	128.23	79.0%	5,581	5,419	2,286	39%	525	23%	15%	2.4×	10.3×
Thinkific	TSE: THNC	1.57	49.3%	107	57	69	75%	4	-1%	13%	0.8×	15.7×
Wilmington	LON: WIL	4.51	81.0%	401	365	129	27%	32	22%	7%	2.8×	11.5×
Harmonic Mean											1.5×	9.7×

$USD in millions. NM = not meaningful. Data as of July 31, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
31-Jul-2025	Creative Harbour	Cosmico	Provider of transformative experiences and advanced training intended for employees.
29-Jul-2025	Plesm	Enterprise Information Resources	Operator of enterprise learning management systems designed for employee training and organizational development.
18-Jul-2025	Risorse Italia	Synergie Italia – Agenzia Per Il Lavoro	Provider of professional training and coaching services catering to multiple sectors, including corporate programs across legal, healthcare, environment, logistics, sports, and tourism.
10-Jul-2025	L’École 301	Evocime	Operator of an online marketing school offering certified degree and short-term digital training courses to help professionals advance their digital careers.
08-Jul-2025	H Demia	Tutornow	Operator of a language and professional training center intended to serve businesses, professionals, and individuals in Lugano, Switzerland.
07-Jul-2025	Barcelona SAE	CEA CAPA Education Abroad	Provider of international education programs offering study abroad, internships, and language immersion experiences in Barcelona.
02-Jul-2025	Biz Group	Knowledge Group Consulting	Provider of learning and development services intended to empower organizations across the Middle East by enhancing employee skills.
01-Jul-2025	Fuji EAP Center	M.Stage Group	Provider of corporate employee assistance and training services, including EAP franchise recruitment, seminar management, and compliance consulting.

Source: PitchBook.

EdTech

Comp set 3 companies · Harmonic mean 0.5× TEV/Rev, NM TEV/EBITDA

EdTech traded at 70% of 52-week highs on a three-company comp set, with a 0.5× TEV/Revenue harmonic mean and no meaningful EBITDA multiple. D2L closed strongest at 77.6% of its high and carried the group’s only positive EBITDA margin at 8% on 12% revenue growth, while Chegg finished at 38.1% after a 20% revenue decline. Coursera led the sub-sector’s monthly gainers at 40.5%, with D2L up 12.4% and Chegg up 5.5%; Chegg also posted an 85.6% three-month gain. July deal flow was broad, headlined by Brightstar Capital’s acquisition of Arden University and Curriculum Associates’ purchase of K-12 platform Stile.

TEV / Revenue

0.5×

TEV / EBITDA

2025E Rev. Growth

-2%

2025E EBITDA Margin

-38%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Chegg	NYS: CHGG	$1.31	38.1%	140	136	565	67%	122	-115%	-20%	0.2×	NM
Nerdy	NYS: NRDY	1.51	69.3%	181	154	184	65%	(28)	-36%	-7%	0.8×	NM
D2L	TSE: DTOL	11.56	77.6%	633	552	210	69%	27	8%	12%	2.6×	NM
Harmonic Mean											0.5×	NM

$USD in millions. NM = not meaningful; maximum EBITDA multiple capped at 30×. Data as of July 31, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
30-Jul-2025	Finstep	Bling	Developer of a financial education platform based in Hamburg, Germany, providing interactive education on inflation, investments, and taxes.
30-Jul-2025	Medicratic	Thalamus	Operator of a healthcare technology company intended to bring speed, equity, and holistic review to medical education.
28-Jul-2025	Arden University	Brightstar Capital	Provider of online educational services intended to serve the United Kingdom, offering online learning courses for undergraduate and postgraduate programs.
22-Jul-2025	Anywyse	Learnbeat	Developer of an audio learning platform designed to make learning easy.
21-Jul-2025	Guider	Thrive	Developer of a peer-to-peer coaching and mentoring platform designed to enhance employee growth and retention through structured guidance.
17-Jul-2025	Stile	Curriculum Associates	Operator of an education platform intended for kindergarten to twelfth-grade education institutions, teachers, students, and administrators.
16-Jul-2025	Diginamic	Lundi Matin	Provider of digital engineering education and training programs for both beginners and experienced professionals.
09-Jul-2025	New Innovations	QGenda	Developer of a web-based residency management system designed for hospitals, health systems, and medical educators worldwide.
01-Jul-2025	Precision Nutrition	Palm Ventures	Developer of nutrition certification and coaching software intended to transform and offer healthy lives.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.9× TEV/Rev, 9.5× TEV/EBITDA

PreK-12 closed at 75% of 52-week highs with a 0.9× TEV/Revenue and 9.5× TEV/EBITDA harmonic mean, on the coverage group’s thinnest estimated EBITDA margin at 2%. Bright Horizons finished strongest at 79.7% of its high, followed by Stride at 79.0% and Scholastic at 72.2%. Scholastic was the month’s standout, up 14.4%, and added 35.2% over three months, while Stride holds the strongest twelve-month return in the set at 70.0%. Early childhood and daycare consolidation dominated July, with Harvest Partners acquiring The Learning Experience and Emperor Nurseries, Roche Baker, and Capital Croissance all adding operators.

TEV / Revenue

0.9×

TEV / EBITDA

9.5×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$113.10	79.7%	6,475	8,047	2,729	23%	427	13%	10%	2.9×	18.9×
Nerdy	NYS: NRDY	1.51	69.3%	181	154	184	65%	(28)	-36%	-7%	0.8×	NM
Scholastic	NAS: SCHL	24.67	72.2%	618	868	1,626	56%	145	6%	2%	0.5×	6.0×
Stride	NYS: LRN	128.23	79.0%	5,581	5,419	2,286	39%	525	23%	15%	2.4×	10.3×
Harmonic Mean											0.9×	9.5×

$USD in millions. NM = not meaningful. Data as of July 31, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
30-Jul-2025	Genesis College	Mozaik Investment	Operator of a chain of educational institutes offering kindergarten, primary school, secondary school, and high school education.
28-Jul-2025	Little Puddleducks	Roche Baker	Operator of early childhood daycare services intended to support families based in Bristol, United Kingdom.
24-Jul-2025	Cube Education	Capital Croissance	Provider of bilingual and trilingual early childhood and primary education services based in Paris, France.
17-Jul-2025	Stile	Curriculum Associates	Operator of an education platform intended for kindergarten to twelfth-grade education institutions, teachers, students, and administrators.
01-Jul-2025	Dragonflies Childcare	Emperor Nurseries	Operator of a childcare and day nursery intended to nurture through nature, providing a homely, caring environment.
01-Jul-2025	The Learning Experience	Harvest Partners	Operator of daycare centers intended to make a positive difference in the lives of children, their families, and the communities.

Source: PitchBook.

Higher Education

Comp set 13 companies · Harmonic mean 1.4× TEV/Rev, 8.7× TEV/EBITDA

Higher Education tied Workforce Development for the narrowest discount in our coverage at 84% of 52-week highs, on a 1.4× TEV/Revenue and 8.7× TEV/EBITDA harmonic mean and the group’s strongest estimated 2025 revenue growth at 7%. Lincoln Technical Institute (94.5%), Graham Holdings (94.0%), Coursera (93.2%), and Laureate Education (92.0%) all closed July near peak levels, while Barnes & Noble Education (61.3%) and Strategic Education (70.8%) trailed. Universal Technical Institute leads the set over twelve months at 68.2%, followed by Lincoln Technical Institute at 60.2% and Laureate at 47.3%. July M&A centered on services and software, with Incline Equity Partners acquiring Affinaquest and American Public Education taking Graduate School USA.

TEV / Revenue

1.4×

TEV / EBITDA

8.7×

2025E Rev. Growth

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$114.27	81.6%	4,105	4,667	1,741	57%	447	24%	13%	2.7×	10.4×
American Public Education	NAS: APEI	29.52	91.6%	533	609	635	53%	76	9%	5%	1.0×	8.0×
Barnes & Noble Education	NYS: BNED	8.83	61.3%	301	656	1,568	22%	74	0%	0%	0.4×	8.8×
Coursera	NYS: COUR	12.64	93.2%	2,069	1,294	722	54%	60	-8%	7%	1.8×	21.7×
D2L	TSE: DTOL	11.56	77.6%	633	552	210	69%	27	8%	12%	2.6×	20.7×
Graham Holdings	NYS: GHC	954.18	94.0%	4,160	4,435	4,835	31%	1,306	28%	5%	0.9×	3.4×
Grand Canyon Education	NAS: LOPE	168.63	83.4%	4,785	4,585	1,048	53%	343	30%	6%	4.4×	13.4×
Laureate Education	NAS: LAUR	22.60	92.0%	3,330	3,645	1,552	27%	539	31%	0%	2.3×	6.8×
Lincoln Technical Institute	NAS: LINC	22.87	94.5%	723	870	454	59%	46	7%	15%	1.9×	18.8×
Pearson	LON: PSON	14.22	79.6%	9,226	10,411	4,538	51%	1,013	22%	-3%	2.3×	10.3×
Perdoceo Education	NAS: PRDO	28.78	83.2%	1,869	1,356	769	79%	262	28%	16%	1.8×	5.2×
Strategic Education	NAS: STRA	74.15	70.8%	1,772	1,727	1,242	47%	230	16%	4%	1.4×	7.5×
Universal Technical Institute	NYS: UTI	32.22	88.7%	1,753	1,874	783	49%	120	17%	15%	2.4×	15.6×
Harmonic Mean											1.4×	8.7×

$USD in millions. NM = not meaningful. Data as of July 31, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
28-Jul-2025	Arden University	Brightstar Capital	Provider of online educational services intended to serve the United Kingdom, offering online learning courses for undergraduate and postgraduate programs.
25-Jul-2025	Graduate School USA	American Public Education	Provider of education, job training, and professional development programs intended to develop learners.
24-Jul-2025	Affinaquest	Incline Equity Partners	Developer of cloud-based relationship management software intended to serve collegiate athletics, higher education, and nonprofit organizations.
16-Jul-2025	CISaustralia	CEA CAPA Education	Provider of study abroad and internship programs.
09-Jul-2025	Prince Migration & Education	Hiremii	Provider of immigration and education consultancy services intended to serve students and skilled professionals.
08-Jul-2025	Sirius Education Solutions	Achieve Partners	Operator of educational services for standardized testing designed to enhance student performance and improve academic outcomes.
07-Jul-2025	Sprott-Shaw Community College	Undisclosed	Operator of a two-year private college offering diploma and certificate programs across administration, legal and hospitality, business, marketing, cybersecurity, and health care.
03-Jul-2025	MindMax	Noodle	Provider of enrollment marketing, recruitment, and strategic consulting services intended for colleges and universities.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 1.1× TEV/Rev, 9.1× TEV/EBITDA

Workforce Development closed at 84% of 52-week highs alongside Higher Education, on a 1.1× TEV/Revenue and 9.1× TEV/EBITDA harmonic mean, and carried the coverage group’s widest estimated 2025 EBITDA margin at 17% against revenue growth of -1%, the only negative growth reading in our coverage. DHI Group (91.7%) and Korn Ferry (87.9%) finished closest to their highs, with Wolters Kluwer at 82.9%. DHI Group was the sector’s standout over both three months, up 87.9%, and twelve months, up 25.0%, while Randstad led the month at 12.8%. July M&A skewed toward workforce software and skills platforms, headlined by CPP Investments’ acquisition of Neogov and Hyve Group’s purchase of GSV Summit.

TEV / Revenue

1.1×

TEV / EBITDA

9.1×

2025E Rev. Growth

-1%

2025E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (7/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$47.81	91.7%	8,379	10,733	25,582	19%	629	2%	-4%	0.4×	17.1×
HealthStream	NAS: HSTM	26.16	76.4%	799	702	292	66%	66	22%	3%	2.4×	10.6×
Korn Ferry	NYS: KFY	70.87	87.9%	3,680	3,210	2,761	89%	464	16%	-1%	1.2×	6.9×
Randstad	AMS: RAND	26.16	76.4%	799	702	292	66%	66	22%	3%	2.4×	10.6×
Wolters Kluwer	AMS: WKL	156.22	82.9%	36,558	41,562	6,602	73%	2,211	32%	6%	6.3×	18.8×
Harmonic Mean											1.1×	9.1×

$USD in millions. NM = not meaningful. Data as of July 31, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
30-Jul-2025	GSV Summit	Hyve Group	Provider of education and workforce skills based in Chicago, Illinois, enabling collaboration and innovation across the education and workforce sectors.
30-Jul-2025	VolunteerMatters	Momentive Software	Developer of volunteer program management software designed to improve the recruitment, coordination, and retention of the volunteer workforce.
29-Jul-2025	Plesm	Enterprise Information Resources	Operator of enterprise learning management systems designed for employee training and organizational development.
28-Jul-2025	Neogov	CPP Investments	Developer of workforce management software designed for the unique needs of the public sector and higher education organizations.
16-Jul-2025	Diginamic	Lundi Matin	Provider of digital engineering education and training programs for both beginners and experienced professionals.
08-Jul-2025	Konstruedu	Netzun	Developer of an online learning platform intended for the training and upskilling of professionals in the engineering and construction sectors.

Source: PitchBook.

Navagant Senior Team

Contact our investment banking team

Jacob Voorhees

Managing Director

jacob@navagant.com · 617-216-1543

Member of the M&A Hall of Fame and 40+ Deal of the Year Nominations & Awards · 2021 Investment Banker of the Year

Shawn Keenan

Managing Director

shawn@navagant.com · 312-550-5304

18+ years of IB experience · Led execution on 70+ transactions resulting in over $3.5 billion of proceeds for clients

Jeff Bache

Director

jeff@navagant.com · 804-627-2848

20+ years advising large public and private corporate clients on financial transactions · 2024 M&A Atlas Rising Star Dealmaker

Jorge Quinteros

Vice President

jorge@navagant.com · 703-618-1070

13+ years of financial advisory and banking experience · 2024 M&A Advisor Emerging Leader

Sachin Raval

Vice President

sachin@navagant.com · 248-469-5786

6+ years of financial advisory experience · 2025 M&A Advisor Emerging Leader

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisition activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission of any reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for the general information of clients and friends of Navagant. It does not take into account the particular investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for all investors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Navagant. The decisions to include any company in this report is unrelated in all respects to any service that Navagant may provide to such company. This report may not be copied or reproduced in any form or redistributed without the prior written consent of Navagant. The information contained herein should not be construed as legal advice.