Monthly Market Update January 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 December 31, 2024.

Education & Training December 2024 data Published January 2025

Navagant Education & Training Monthly Market Update - January 2025

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

Sector valuations closed the year in a tight band, with harmonic-mean TEV/EBITDA multiples running from 4.9× (EdTech) to 9.9× (PreK-12), while Corporate Training carried the richest revenue multiple at 1.9×. Corporate Training also led the coverage group at 86% of 52-week levels, ahead of Higher Education and Workforce Development at 82% each, with PreK-12 at 67% and EdTech the widest discount at 60%. Cengage Learning finished December at its 52-week high, with D2L at 98.1%, Adtalem Global Education at 97.8%, Pearson at 97.7%, Universal Technical Institute at 96.3%, and SkillSoft at 96.2%. SkillSoft was the month’s strongest single move at 28.1%, just ahead of D2L at 27.6% and Nerdy at 22.5%. December’s headline transaction was The Najafi Companies’ acquisition of EVERFI, the digital learning software platform.

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 December 31, 2024. Data is sourced from PitchBook.

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

Sector overview

As of December 31, 2024 · 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
2024E Revenue Growth	6%	7%	5%	7%	-4%
2024E EBITDA Margin	-22%	2%	12%	15%	18%
% of 52-Week High	60%	67%	86%	82%	82%
Debt / 2024E EBITDA	5.5×	2.0×	0.6×	0.7×	1.0×

Data as of December 31, 2024. Source: PitchBook.

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	D2L+27.6% Nerdy+22.5% Coursera+2.2%	Nerdy+22.5% Stride-1.5% Bright Horizons-4.8%	SkillSoft+28.1% Pearson+3.2% FranklinCovey+0.7%	D2L+27.6% American Public Education+9.1% Pearson+3.2%	Learning Technologies Group+6.7% DHI Group+5.6% Wolters Kluwer+0.3%
Last 3 Months	Nerdy+78.8% D2L+40.9% Coursera+7.4%	Nerdy+78.8% Stride+24.6% Bright Horizons-21.3%	Stride+24.6% SkillSoft+23.7% Pearson+16.3%	Universal Technical Institute+63.0% American Public Education+49.1% D2L+40.9%	Learning Technologies Group+20.9% HealthStream+11.7% DHI Group+8.7%
Last 12 Months	D2L+67.0% Nerdy-51.2% Coursera-57.6%	Stride+76.5% Bright Horizons+13.2% Scholastic-42.7%	Stride+76.5% NIIT+54.3% John Wiley & Sons+40.7%	American Public Education+130.1% Universal Technical Institute+102.2% D2L+67.0%	Learning Technologies Group+19.3% Wolters Kluwer+17.3% HealthStream+15.9%

Data as of December 31, 2024. Source: PitchBook.

Corporate Training

Comp set 10 companies · Harmonic mean 1.9× TEV/Rev, 9.4× TEV/EBITDA

Corporate Training carried the richest revenue multiple in our coverage at a 1.9× TEV/Revenue harmonic mean, alongside 9.4× TEV/EBITDA, and closed the year strongest at 86% of 52-week highs. Pearson finished December at 97.7% of its high, with SkillSoft at 96.2% and Stride at 92.1%, while Thinkific (65.8%) and Docebo (79.9%) traded at the deepest discounts. SkillSoft led the month at 28.1% and the three-month window at 23.7%, with Stride up 24.6% over three months and 76.5% over twelve, ahead of NIIT at 54.3% and John Wiley & Sons at 40.7%. The group also carries the lightest balance sheet in our coverage at 0.6× debt to 2024E EBITDA. December M&A was headlined by The Najafi Companies’ acquisition of EVERFI, alongside Charterhouse Capital Partners’ purchase of Metrodora.

TEV / Revenue

1.9×

TEV / EBITDA

9.4×

2024E Rev. Growth

2024E EBITDA Margin

12%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/24)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$351.79	90.8%	220,038	220,785	66,362	32%	13,320	17%	3%	3.3×	16.6×
Docebo	TSE: DCBO	44.91	79.9%	1,358	1,278	209	81%	31	9%	23%	6.1×	NM
FranklinCovey	NYS: FC	37.58	83.6%	495	453	287	77%	55	15%	2%	1.6×	8.2×
John Wiley & Sons	NYS: WLY	43.71	81.0%	2,365	3,357	1,760	73%	395	13%	-10%	1.9×	8.5×
NIIT	BOM: 500304	2.23	80.5%	302	212	40	29%	3	20%	12%	5.3×	NM
Pearson	LON: PSON	16.09	97.7%	10,683	12,322	4,468	51%	1,369	29%	-10%	2.8×	9.0×
SkillSoft	NYS: SKIL	23.96	96.2%	198	700	535	74%	107	-29%	-4%	1.3×	6.5×
Stride	NYS: LRN	103.93	92.1%	4,531	4,569	2,111	38%	435	21%	12%	2.2×	10.5×
Thinkific	TSE: THNC	2.08	65.8%	142	92	65	75%	3	-3%	13%	1.4×	NM
Wilmington	LON: WIL	4.87	87.5%	438	356	124	27%	31	28%	6%	2.9×	11.6×
Harmonic Mean											1.9×	9.4×

$USD in millions. NM = not meaningful. Data as of December 31, 2024. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
31-Dec-2024	EVERFI	The Najafi Companies	Developer of a digital learning software designed to help organizations instill knowledge around critical topics.
24-Dec-2024	Infratop	Shift Group (TKS: 3697)	Provider of programming education services intended to offer opportunities and growth for students.
20-Dec-2024	Risorsa Uomo	Yolo	Provider of corporate training and coaching services intended to support business growth.
19-Dec-2024	Padpilot	Rose Street Partners	Publisher of aviation teaching courseware and books intended to raise ground training standards and pilot safety.
18-Dec-2024	Flooring Consultants and Inspection Training Services	World Floor Covering Association	Provider of flooring inspection training and consulting services intended for the flooring industry.
17-Dec-2024	Seminar Oberlaa	Lexisnexis Verlag Ard Orac	Provider of tax training and coaching based in Osterreich, Austria. The company offers seminars, tax seminars, workbooks, training, further education, and proof of training for its users.
17-Dec-2024	Vibration Institute of Australia	Battery Ventures	Provider of a vibration analysis training platform intended to empower industries to optimize equipment reliability and reduce downtime.
16-Dec-2024	CertX	SGS	Provider of safety and cybersecurity certification services.
16-Dec-2024	Knocklearn	AirTrip	Provider of recruitment and training services intended to serve startups and venture companies.
13-Dec-2024	TaylorCare Recruitment	MCG Healthcare	Provider of human capital and recruitment services intended to provide a holistic service focused on well-being with an ethical and honest business approach while maintaining aspects of providing a professional service.
12-Dec-2024	Career Development Solutions	Quickstart	Provider of professional development services designed for career advancement and skill enhancement.
09-Dec-2024	Life in the Kitchen	Comnico	Provider of influencer marketing services intended for the food industry.
05-Dec-2024	Espero Formazione	Protom	Operator of digital marketing and personalized training company providing professional training.
03-Dec-2024	Leertouwer van Dijck & U	Auctus Capital Partners	Provider of development coaching intended for company employees.
03-Dec-2024	Metrodora	Charterhouse Capital Partners	Provider of educational training in health and sport intended for people who are dedicated to professional caring.
03-Dec-2024	My-Serious-Game	The Winkyverse	Operator of a training methodology creation and consulting studio intended to develop tailor-made digital training techniques.
01-Dec-2024	Uskalla Auttaa	Presto Stantest Private	Provider of safety training courses based in Vantaa, Finland.

Source: PitchBook.

EdTech

Comp set 5 companies · Harmonic mean 1.1× TEV/Rev, 4.9× TEV/EBITDA

EdTech was the most discounted sub-sector at 60% of 52-week highs, on a 1.1× TEV/Revenue and 4.9× TEV/EBITDA harmonic mean across a five-company set that includes Cengage Learning and Coursera. Cengage closed December at its 52-week high and D2L at 98.1%, while Chegg sat at just 14.0% following a 10% revenue decline and a -94% LTM EBITDA margin. The group carries the heaviest leverage in our coverage at 5.5× debt to 2024E EBITDA and the only negative estimated EBITDA margin at -22%. D2L led the month at 27.6% and is the only name in the set positive over twelve months, at 67.0%; Nerdy was up 22.5% on the month and 78.8% over three months but down 51.2% over twelve, with Coursera at -57.6%. December was the busiest month for deal flow in our coverage, with 21 EdTech transactions recorded.

TEV / Revenue

1.1×

TEV / EBITDA

4.9×

2024E Rev. Growth

2024E EBITDA Margin

-22%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/24)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Cengage Learning	GREY: CNGO	$19.50	100.0%	1,221	3,122	1,479	52%	419	23%	5%	2.1×	7.5×
Chegg	NYS: CHGG	1.61	14.0%	168	432	662	73%	179	-94%	-10%	0.7×	2.4×
Coursera	NYS: COUR	8.50	41.0%	1,346	631	684	53%	38	-13%	12%	0.9×	16.7×
D2L	TSE: DTOL	13.51	98.1%	735	639	200	68%	15	3%	12%	3.2×	NM
Nerdy	NYS: NRDY	1.62	45.0%	187	146	197	69%	(13)	-29%	10%	0.7×	NM
Harmonic Mean											1.1×	4.9×

$USD in millions. NM = not meaningful. Data as of December 31, 2024. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
31-Dec-2024	EVERFI	The Najafi Companies	Developer of a digital learning software designed to help organizations instill knowledge around critical topics.
24-Dec-2024	Infratop	Shift Group	Provider of programming education services intended to offer opportunities and growth for students.
20-Dec-2024	Grade Potential Tutoring	Sailfish	Provider of in-home tutoring services intended for all subjects and ages.
20-Dec-2024	Risorsa Uomo	Yolo	Provider of corporate training and coaching services intended to support business growth.
19-Dec-2024	Faculdade Masterclass	Afya Educacional (NAS: AFYA)	Operator of a higher education school based in Contagem, Brazil.
19-Dec-2024	Padpilot	Rose Street Partners	Publisher of aviation teaching courseware and books intended to raise ground training standards and pilot safety.
19-Dec-2024	Smart Education	Global Brain	Developer of educational applications designed to make the process of learning simple.
17-Dec-2024	Seminar Oberlaa	Lexisnexis Verlag Ard Orac	Provider of tax training and coaching based in Osterreich, Austria.
17-Dec-2024	Vibration Institute of Australia	Battery Ventures	Provider of a vibration analysis training platform intended to empower industries to optimize equipment reliability and reduce downtime.
16-Dec-2024	CertX	SGS	Provider of safety and cybersecurity certification services.
12-Dec-2024	Career Development Solutions	Quickstart	Provider of professional development services designed for career advancement and skill enhancement.
11-Dec-2024	BB Publications	Veranda Learning	Operator of an online learning platform catering to Chartered Accountant aspirants.
11-Dec-2024	BTJ Sweden	Bokus	Provider of digital information services designed to streamline library and school operations.
09-Dec-2024	Life in the Kitchen	Comnico	Provider of influencer marketing services intended for the food industry.
06-Dec-2024	XD Academy	Genius Group	Developer of a Web3 e-learning and certification platform designed to provide educational content on crypto and blockchain.
05-Dec-2024	Espero Formazione	Protom	Operator of digital marketing and personalized training company providing professional training.
05-Dec-2024	Practical Stoicism	Evergreen Podcasts	Provider of stoicism education based in Newcastle upon Tyne, United Kingdom.
03-Dec-2024	Metrodora	Charterhouse Capital Partners	Provider of educational training in health and sport intended for people who are dedicated to professional caring.
03-Dec-2024	My-Serious-Game	The Winkyverse	Operator of a training methodology creation and consulting studio intended to develop tailor-made digital training techniques.
02-Dec-2024	Pango	ACE & Company	Developer of a lesson planning tool designed to facilitate teachers in teaching and managing classes.
02-Dec-2024	University of St. Augustine for Health Sciences	Perdoceo Education (NAS: PRDO)	Operator of an accredited graduate-level educational institution focused on health science education.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.8× TEV/Rev, 9.9× TEV/EBITDA

PreK-12 closed at 67% of 52-week highs with a 0.8× TEV/Revenue harmonic mean, the lowest revenue multiple in our coverage, against the highest TEV/EBITDA reading at 9.9× and the thinnest estimated EBITDA margin at 2%. Stride finished at 92.1% of its high and Bright Horizons at 78.1%, while Scholastic (52.3%) and Nerdy (45.0%) traded near half their highs. Nerdy led the month at 22.5% and the three-month window at 78.8%, while Stride holds by far the strongest twelve-month return in the set at 76.5%, ahead of Bright Horizons at 13.2% and against Scholastic at -42.7%. Bright Horizons carries the widest revenue multiple in the group at 3.1× on 13% growth, and the highest EBITDA multiple at 20.6×. December M&A ran across international and cram schools, with Kohlberg Kravis Roberts acquiring St. Jude College Dasmariñas Cavite in the Philippines, International Schools Partnership taking Ekpaideutiria Platon in Greece, and International Education Partnership buying Colégio Luso Internacional De Braga.

TEV / Revenue

0.8×

TEV / EBITDA

9.9×

2024E Rev. Growth

2024E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/24)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$110.85	78.1%	6,450	8,183	2,628	23%	398	13%	13%	3.1×	20.6×
Nerdy (Educational Software)	NYS: NRDY	1.62	45.0%	187	146	197	69%	(13)	-29%	10%	0.7×	NM
Scholastic	NAS: SCHL	21.33	52.3%	599	828	1,580	56%	132	4%	-4%	0.5×	6.3×
Stride (Herndon)	NYS: LRN	103.93	92.1%	4,531	4,569	2,111	38%	435	21%	12%	2.2×	10.5×
Harmonic Mean											0.8×	9.9×

$USD in millions. NM = not meaningful. Data as of December 31, 2024. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
20-Dec-2024	Grade Potential Tutoring	Sailfish	Provider of in-home tutoring services intended for all subjects and ages.
19-Dec-2024	Liceo Scientifico Marconi	Zaccagna-Galilei Institute	Operator of scientific high school based in Carrara, Italy.
18-Dec-2024	Juku MH	MoonJapan	Operator of a cram school based in Tokyo, Japan.
18-Dec-2024	Kouyu	CAS Capital	Operator of cram schools, preschools, and outdoor experience events based in Saitama, Japan.
16-Dec-2024	Colégio Luso Internacional De Braga	International Education Partnership	Operator of an international school intended to provide a comprehensive and well-rounded education.
12-Dec-2024	Ekpaideutiria Platon	International Schools Partnership	Provider of comprehensive educational services based in Glyka Nera, Greece.
11-Dec-2024	BTJ Sweden	Bokus	Provider of digital information services designed to streamline library and school operations.
06-Dec-2024	St. Jude College Dasmariñas Cavite	Kohlberg Kravis Roberts	Provider of education services based in Dasmarinas, Philippines.
04-Dec-2024	STS Education	Educatius International	Operator of language travel company empowering young people to grow through education and cultural exchange.
02-Dec-2024	Pango	ACE & Company	Developer of a lesson planning tool designed to facilitate teachers in teaching and managing classes.
02-Dec-2024	Terakoya Group	YARUKI Switch Group	Operator of cram schools intended to illuminate the future for people and communities through educational activities.

Source: PitchBook.

Higher Education

Comp set 14 companies · Harmonic mean 1.4× TEV/Rev, 9.3× TEV/EBITDA

Higher Education closed at 82% of 52-week highs on a 1.4× TEV/Revenue and 9.3× TEV/EBITDA harmonic mean, across a 14-company set that includes Cengage Learning, Coursera, and D2L. Cengage Learning finished December at its 52-week high, with D2L at 98.1%, Adtalem Global Education at 97.8%, Pearson at 97.7%, Universal Technical Institute at 96.3%, Grand Canyon Education at 94.5%, and Laureate Education at 91.5%. Barnes & Noble Education is the outlier at 7.4% as its pre-restructuring 52-week high remains in the trailing window. D2L led the month at 27.6%, ahead of American Public Education at 9.1% and Pearson at 3.2%, and American Public Education leads over twelve months at 130.1%, with Universal Technical Institute at 102.2% and D2L at 67.0%. December M&A skewed international, with Kohlberg Kravis Roberts acquiring St. Jude College Dasmariñas Cavite, Afya Educacional taking Brazilian institution Faculdade Masterclass, and Yduqs buying Edufor São Luis, alongside Perdoceo Education’s purchase of the University of St. Augustine for Health Sciences.

TEV / Revenue

1.4×

TEV / EBITDA

9.3×

2024E Rev. Growth

2024E EBITDA Margin

15%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/24)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$90.85	97.8%	3,406	3,985	1,633	56%	394	22%	11%	2.4×	10.1×
American Public Education	NAS: APEI	21.57	90.5%	382	490	613	52%	67	8%	2%	0.8×	7.4×
Barnes & Noble Education	NYS: BNED	10.04	7.4%	303	724	1,558	23%	67	-1%	0%	0.5×	10.8×
Cengage Learning	GREY: CNGO	19.50	100.0%	1,221	3,122	1,479	52%	419	23%	5%	2.1×	7.5×
Coursera	NYS: COUR	8.50	41.0%	1,346	631	684	53%	38	-13%	12%	0.9×	16.7×
D2L	TSE: DTOL	13.51	98.1%	735	639	200	68%	15	3%	12%	3.2×	NM
Graham Holdings	NYS: GHC	871.92	89.5%	3,779	4,108	4,712	30%	477	13%	9%	0.9×	8.6×
Grand Canyon Education	NAS: LOPE	163.80	94.5%	4,774	4,617	1,019	53%	334	30%	8%	4.5×	13.8×
Laureate Education	NAS: LAUR	18.29	91.5%	2,756	3,121	1,553	27%	440	31%	9%	2.0×	7.1×
Lincoln Technical Institute	NAS: LINC	15.82	84.4%	498	615	423	58%	39	6%	15%	1.5×	15.8×
Pearson	LON: PSON	16.09	97.7%	10,683	12,322	4,468	51%	1,369	29%	-10%	2.8×	9.0×
Perdoceo Education	NAS: PRDO	26.47	89.8%	1,740	1,040	653	82%	211	25%	-12%	1.6×	4.9×
Strategic Education	NAS: STRA	93.42	75.6%	2,295	2,212	1,211	47%	240	18%	10%	1.8×	9.2×
Universal Technical Institute	NYS: UTI	25.71	96.3%	1,389	1,522	733	48%	103	15%	21%	2.1×	14.8×
Harmonic Mean											1.4×	9.3×

$USD in millions. NM = not meaningful. Data as of December 31, 2024. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
24-Dec-2024	Infratop	Shift Group	Provider of programming education services intended to offer opportunities and growth for students.
20-Dec-2024	Grade Potential Tutoring	Sailfish	Provider of in-home tutoring services intended for all subjects and ages.
19-Dec-2024	Faculdade Masterclass	Afya Educacional (NAS: AFYA)	Operator of a higher education school based in Contagem, Brazil.
19-Dec-2024	Padpilot	Rose Street Partners	Publisher of aviation teaching courseware and books intended to raise ground training standards and pilot safety.
11-Dec-2024	BB Publications	Veranda Learning	Operator of an online learning platform catering to Chartered Accountant aspirants.
09-Dec-2024	Edufor São Luis	Yduqs	Operator of a higher educational institute.
06-Dec-2024	St. Jude College Dasmariñas Cavite	Kohlberg Kravis Roberts (NYS: KKR)	Provider of education services based in Dasmarinas, Philippines.
06-Dec-2024	XD Academy	Genius Group	Developer of a Web3 e-learning and certification platform designed to provide educational content on crypto and blockchain.
03-Dec-2024	Metrodora	Charterhouse Capital Partners	Provider of educational training in health and sport intended for people who are dedicated to professional caring.
02-Dec-2024	University of St. Augustine for Health Sciences	Perdoceo Education (NAS: PRDO)	Operator of an accredited graduate-level educational institution focused on health science education.
01-Dec-2024	Drone School Osaka Namba	FORUM8	Operator of a school based in Osaka City, Japan.

Source: PitchBook.

Workforce Development

Comp set 6 companies · Harmonic mean 1.0× TEV/Rev, 8.0× TEV/EBITDA

Workforce Development closed at 82% of 52-week highs on a 1.0× TEV/Revenue and 8.0× TEV/EBITDA harmonic mean, the lowest EBITDA multiple in our coverage, and carried the widest estimated 2024 EBITDA margin at 18% against revenue growth of -4%, the only negative growth reading in our coverage. HealthStream closed December at 94.9% of its high, Learning Technologies Group at 93.5%, and Wolters Kluwer at 92.9%, with Korn Ferry at 83.6%, Randstad at 66.8%, and DHI Group trailing at 59.4%. Learning Technologies Group was the only name to top all three windows, up 6.7% on the month, 20.9% over three months, and 19.3% over twelve, with Wolters Kluwer at 17.3% and HealthStream at 15.9% over the twelve-month window. December M&A stayed granular across instruction, certification, and professional training, headlined by Clarion Capital Partners’ acquisition of Arthur Murray International and Protom’s purchase of Espero Formazione.

TEV / Revenue

1.0×

TEV / EBITDA

8.0×

2024E Rev. Growth

-4%

2024E EBITDA Margin

18%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (12/31/24)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$1.77	59.4%	86	127	144	86%	36	18%	-6%	0.9×	3.5×
HealthStream	NAS: HSTM	31.80	94.9%	967	890	288	66%	67	23%	4%	3.1×	13.4×
Korn Ferry	NYS: KFY	67.45	83.6%	3,479	3,327	2,742	89%	442	16%	-4%	1.2×	7.5×
Learning Technologies Group	LON: LTG	1.23	93.5%	973	1,057	665	NM	88	17%	-11%	1.6×	12.0×
Randstad	AMS: RAND	42.36	66.8%	7,419	8,959	26,266	20%	1,095	4%	-8%	0.3×	8.2×
Wolters Kluwer	AMS: WKL	166.91	92.9%	39,117	42,231	6,221	72%	1,992	32%	3%	6.8×	21.2×
Harmonic Mean											1.0×	8.0×

$USD in millions. NM = not meaningful. Data as of December 31, 2024. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
31-Dec-2024	EVERFI	The Najafi Companies	Developer of a digital learning software designed to help organizations instill knowledge around critical topics.
20-Dec-2024	Risorsa Uomo	Yolo	Provider of corporate training and coaching services intended to support business growth.
17-Dec-2024	Seminar Oberlaa	Lexisnexis Verlag Ard Orac	Provider of tax training and coaching based in Osterreich, Austria.
16-Dec-2024	CertX	SGS	Provider of safety and cybersecurity certification services intended to ensure security standards and regulations.
16-Dec-2024	Knocklearn	AirTrip	Provider of recruitment and training services intended to serve startups and venture companies.
12-Dec-2024	Career Development Solutions	Quickstart	Provider of professional development services designed for career advancement and skill enhancement.
11-Dec-2024	BTJ Sweden	Bokus	Provider of digital information services designed to streamline library and school operations.
10-Dec-2024	Arthur Murray International	Clarion Capital Partners	Operator of a dance instruction academy intended to teach individuals of all ages and skill levels.
05-Dec-2024	Espero Formazione	Protom	Operator of digital marketing and personalized training company providing professional training.
05-Dec-2024	Practical Stoicism	Evergreen Podcasts	Provider of stoicism education based in Newcastle upon Tyne, United Kingdom.
03-Dec-2024	My-Serious-Game	The Winkyverse	Operator of a training methodology creation and consulting studio intended to develop tailor-made digital training techniques.

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

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.