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 January 31, 2025.
Sector valuations spanned a wide band at the January close, with harmonic-mean TEV/EBITDA multiples ranging from 3.6× (EdTech) to 11.0× (Corporate Training). Workforce Development led the coverage group at 91% of 52-week levels, ahead of Higher Education at 85% and Corporate Training at 83%, while EdTech traded the widest discount at 60%. Pearson, Cengage Learning, and Universal Technical Institute all finished January at their 52-week highs, with Wolters Kluwer at 99.9%, Adtalem Global Education at 99.3%, and DHI Group at 99.0%. DHI Group was by far the month’s strongest single move at 66.1%, ahead of SkillSoft at 25.2% and Stride at 23.0%. January’s headline transaction was Serco Group’s agreement to acquire Northrop Grumman’s mission training and satellite ground network communications software business.
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 January 31, 2025. Data is sourced from PitchBook.
Sector overview
Trading multiples across all five education and training sub-sectors at month-end, showing TEV/Revenue, TEV/EBITDA, and P/E ranges.
Harmonic means. Source: PitchBook.
Harmonic means. Source: PitchBook.
Harmonic means. Source: PitchBook.
Operating Trading Statistics
| Metric | EdTech | PreK-12 | Corporate Training | Higher Education | Workforce Development |
|---|---|---|---|---|---|
| 2024E Revenue Growth | 6% | 8% | 6% | 7% | -4% |
| 2024E EBITDA Margin | -22% | 3% | 12% | 15% | 18% |
| % of 52-Week High | 60% | 71% | 83% | 85% | 91% |
| Debt / 2024E EBITDA | 2.7× | 2.2× | 0.3× | 0.7× | 1.0× |
Data as of January 31, 2025. Source: PitchBook.
Top 3 Performers by Stock Price
| Period | EdTech | PreK-12 | Corporate Training | Higher Education | Workforce Dev. |
|---|---|---|---|---|---|
| Last Month | Coursera+12.7% Nerdy+11.7% Chegg+7.5% | Stride+23.0% Nerdy+11.7% Bright Horizons+10.7% | SkillSoft+25.2% Stride+23.0% Accenture+6.4% | Coursera+12.7% Barnes & Noble Education+11.4% Adtalem Global Education+9.9% | DHI Group+66.1% Wolters Kluwer+8.3% Korn Ferry+5.0% |
| Last 3 Months | Nerdy+31.2% D2L+22.5% Coursera+16.8% | Nerdy+31.2% Stride+19.5% Bright Horizons+6.5% | SkillSoft+99.0% Stride+19.5% Pearson+5.0% | D2L+22.5% Coursera+16.8% Adtalem Global Education+10.0% | DHI Group+66.1% Wolters Kluwer+9.3% Randstad+1.5% |
| Last 12 Months | D2L+74.5% Nerdy-41.0% Coursera-49.9% | Stride+113.3% Bright Horizons+24.9% Nerdy-41.0% | SkillSoft+113.9% Stride+113.3% Pearson+32.2% | American Public Education+104.8% Adtalem Global Education+97.8% Universal Technical Institute+86.3% | Wolters Kluwer+22.1% HealthStream+21.6% |
Data as of January 31, 2025. Source: PitchBook.
Corporate Training
Corporate Training carried the richest multiples in our coverage at a 2.2× TEV/Revenue and 11.0× TEV/EBITDA harmonic mean, and closed at 83% of 52-week highs. Pearson finished January at its 52-week high, with Accenture at 98.3% and Stride at 97.7%, while NIIT (60.6%) and Thinkific (68.0%) traded at the deepest discounts. SkillSoft was the standout across every window: up 25.2% on the month, 99.0% over three months, and 113.9% over twelve, just ahead of Stride at 113.3%. January M&A was headlined by Serco Group’s agreement to acquire Northrop Grumman’s mission training and satellite ground network communications software business, alongside Main Capital Partners’ purchase of Spark Training Solutions.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (1/31/25) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| Accenture | NYS: ACN | $380.75 | 98.3% | 238,151 | 240,600 | 66,362 | 32% | 13,320 | 17% | 3% | 3.6× | 18.1× |
| Docebo | TSE: DCBO | 43.10 | 76.7% | 1,303 | 1,303 | 209 | 81% | 31 | 9% | 23% | 6.2× | NM |
| FranklinCovey | NYS: FC | 37.15 | 83.6% | 490 | 492 | 288 | 77% | 52 | 13% | 3% | 1.7× | 9.5× |
| John Wiley & Sons | NYS: WLY | 41.44 | 76.8% | 2,239 | 3,100 | 1,760 | 73% | 395 | 13% | -10% | 1.8× | 7.9× |
| NIIT | BOM: 500304 | 1.68 | 60.6% | 234 | 235 | 41 | 28% | 8 | 20% | 20% | 5.7× | 28.6× |
| Pearson | LON: PSON | 16.78 | 100.0% | 11,091 | 11,105 | 4,468 | 51% | 1,369 | 29% | -10% | 2.5× | 8.1× |
| SkillSoft | NYS: SKIL | 29.84 | 86.7% | 247 | 834 | 535 | 74% | 107 | -29% | -4% | 1.6× | 7.8× |
| Stride | NYS: LRN | 134.13 | 97.7% | 5,841 | 6,327 | 2,193 | 39% | 477 | 22% | 13% | 2.9× | 13.3× |
| Thinkific | TSE: THNC | 2.15 | 68.0% | 147 | 147 | 65 | 75% | 3 | -3% | 13% | 2.3× | NM |
| Wilmington | LON: WIL | 4.63 | 83.2% | 417 | 417 | 124 | 27% | 31 | 28% | 6% | 3.4× | 13.6× |
| Harmonic Mean | 2.2× | 11.0× | ||||||||||
$USD in millions. NM = not meaningful. Data as of January 31, 2025. Source: PitchBook.
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 30-Jan-2025 | Northrop Grumman MT&S business | Serco Group | Provider of training and satellite ground network communications software solutions catering to the US military. |
| 28-Jan-2025 | Spark Training Solutions | Main Capital Partners | Provider of a software platform intended to serve organizations in the railroad, transportation, and other sectors with compliance and safety management. |
| 27-Jan-2025 | Plus Delta Partners | Northlane Capital Partners | Provider of professional development fundraising training and tools intended to serve independent schools, private higher education institutions, and healthcare organizations. |
| 23-Jan-2025 | Mingaku | Succeed | Developer of a generative AI platform intended for the education sector. |
| 22-Jan-2025 | BHA Technologies | Ridgemont Equity Partners | Provider of technology consulting services tailored for higher education institutions such as colleges and universities. |
| 16-Jan-2025 | The Network | Super Connector Media | Operator of a business development coaching organization based out of the United States. |
| 13-Jan-2025 | Infas Holding | Ipsos | Operator of a research firm with two trading areas, market research and social research. |
| 08-Jan-2025 | blink.it | Canadian Imperial Bank of Commerce | Developer of a digital platform designed to bring sustainable improvements to the world of training. |
| 08-Jan-2025 | Gifted Travel Network | Trevello | Operator of a travel advisor hosting company catering to travel entrepreneurs and advisors. |
| 06-Jan-2025 | Present Square | Deloitte Tohmatsu Group | Provider of artificial intelligence consulting services based in Nakano, Japan. |
| 01-Jan-2025 | Advisaris | Quattri Consultants | Provider of business consulting services. |
Source: PitchBook.
EdTech
EdTech was the most discounted sub-sector at 60% of 52-week highs, on a 1.4× TEV/Revenue and 3.6× TEV/EBITDA harmonic mean across a five-company set that includes Cengage Learning and Coursera this month. Cengage closed January at its 52-week high and D2L at 92.5%, while Chegg sat at just 15.1% following a 10% revenue decline and a -94% LTM EBITDA margin. Coursera led the month at 12.7%, with Nerdy up 11.7% and Chegg up 7.5%, and Nerdy topped the three-month window at 31.2%. D2L is the only name in the set positive over twelve months, at 74.5%, against Nerdy at -41.0% and Coursera at -49.9%. January was the busiest month for deal flow in our coverage, with 29 EdTech transactions recorded.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (1/31/25) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| Cengage Learning | GREY: CNGO | $19.50 | 100.0% | 1,219 | 3,390 | 1,479 | 52% | 419 | 23% | 5% | 2.3× | 8.1× |
| Chegg | NYS: CHGG | 1.53 | 15.1% | 160 | 420 | 662 | 73% | 179 | -94% | -10% | 0.6× | 2.3× |
| Coursera | NYS: COUR | 8.46 | 41.1% | 1,340 | 1,340 | 684 | 53% | 38 | -13% | 12% | 2.0× | NM |
| D2L | TSE: DTOL | 12.74 | 92.5% | 694 | 702 | 200 | 68% | 15 | 3% | 12% | 3.5× | NM |
| Nerdy | NYS: NRDY | 1.84 | 51.1% | 212 | 253 | 197 | 69% | (13) | -29% | 10% | 1.3× | NM |
| Harmonic Mean | 1.4× | 3.6× | ||||||||||
$USD in millions. NM = not meaningful. Data as of January 31, 2025. Source: PitchBook.
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 30-Jan-2025 | Northrop Grumman MT&S business | Serco Group | Provider of training and satellite ground network communications software solutions catering to the US military. |
| 30-Jan-2025 | TLG Learning | EnterOne | Provider of IT training and professional development courses intended for corporations and government agencies. |
| 24-Jan-2025 | EntryLevel | HEX | Provider of soft skill courses intended to help individuals get employment. |
| 24-Jan-2025 | Vendredi | Komeet | Operator of a social start-up intended for shared jobs between profit and non-profit organizations. |
| 23-Jan-2025 | Luminate+ | The L Suite | Operator of an e-learning platform designed to offer insight, clarity, and direction. |
| 23-Jan-2025 | Mingaku | Succeed | Developer of a generative AI platform intended for the education sector. |
| 22-Jan-2025 | BHA Technologies | Ridgemont Equity Partners | Provider of technology consulting services tailored for higher education institutions such as colleges and universities. |
| 21-Jan-2025 | Ezri | Cornelsen Group | Developer of an AI-powered tutoring platform intended for personalized learning. |
| 21-Jan-2025 | FulGaz | Pale Fire Capital | Developer of indoor virtual cycling software designed to bring a realistic riding experience to life. |
| 21-Jan-2025 | Marelius Biopharma Group | Argentum 47 | Provider of consulting and educational services catering to the biopharmaceutical and pharmaceutical industries. |
| 20-Jan-2025 | Edjust | BrightChamps | Operator of an educational platform intended for the K-12 education marketplace. |
| 16-Jan-2025 | Nivelat | Altis Investment Management | Operator of a result-driven learning platform for companies intended for corporate training. |
| 15-Jan-2025 | Cool College | Beisen Cloud Computing | Developer of enterprise training software. |
| 14-Jan-2025 | Firme Visionère | Groupe Alphard | Provider of education and training services catering to construction sites, industries, and the mining sector. |
| 14-Jan-2025 | Lighthouse Labs | Uvaro | Developer of an education platform designed to provide coding tutoring. |
| 13-Jan-2025 | Lisa’s Clarinet Shop | Sales Maven | Retailer of professional clarinets intended for amateurs, professionals, students, military, and professional orchestral clarinetists. |
| 13-Jan-2025 | Visible Body | Cengage Learning | Operator of an online learning platform. |
| 11-Jan-2025 | Growth Tribe | Beeckestijn Business School | Developer of a digital training platform designed to train individuals to gain digital skills in a fast-changing world. |
| 08-Jan-2025 | blink.it | Canadian Imperial Bank of Commerce | Developer of a digital platform designed to bring sustainable improvements to the world of training. |
| 08-Jan-2025 | Warren Access | UK Tool Hire Group | Provider of powered access hire and training services. |
| 07-Jan-2025 | Colégio Maxi | Giusto 5 | Operator of a chain of schools intended to contribute to the formation of ethical and committed citizens. |
| 07-Jan-2025 | DBLX | Auspicious Group | Operator of an information technology company intended to offer software development services. |
| 07-Jan-2025 | Goodkind | Niche | Developer of a marketing platform designed to help brands authentically connect with customers. |
| 06-Jan-2025 | Present Square | Deloitte Tohmatsu Group | Provider of artificial intelligence consulting services based in Nakano, Japan. |
| 05-Jan-2025 | Kinderopvang Academie | Five Arrows Principal Investments | Provider of online training solutions intended for the professional development of childcare and after-school care providers. |
| 02-Jan-2025 | Boston Institute of Finance | Colibri Group | Operator of an online financial education platform intended to empower financial students with the tools to grow their careers. |
| 01-Jan-2025 | Paper Workers’ Unemployment Fund | A-kassa | Provider of unemployment fund services for paper workers based in Helsinki, Finland. |
| 01-Jan-2025 | Unicheck | Advance Publications | Developer of cloud-based software intended to prevent plagiarism. |
| 01-Jan-2025 | Vidyahub | Quicktouch Technologies | Provider of education services assisting students throughout India with their entrance exam preparation. |
Source: PitchBook.
PreK-12
PreK-12 closed at 71% of 52-week highs with a 0.8× TEV/Revenue and 9.3× TEV/EBITDA harmonic mean, on the coverage group’s thinnest estimated EBITDA margin at 3%. Stride finished at 97.7% of its high and Bright Horizons at 87.9%, while Nerdy (51.1%) and Scholastic (49.0%) traded near half their highs. Stride led the month at 23.0% and holds by far the strongest twelve-month return in the set at 113.3%, with Bright Horizons up 10.7% on the month and 24.9% over twelve. Bright Horizons carries the widest revenue multiple in the group at 3.4× on 13% growth. January M&A ran across international schools and early childhood, with Investcorp acquiring Blenheim Schools, International Schools Partnership taking Durham School For Girls in Doha, and EFG Holding buying Qimam El Hayat International Schools in Riyadh.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (1/31/25) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| Bright Horizons Family Solutions | NYS: BFAM | $124.68 | 87.9% | 7,254 | 8,995 | 2,628 | 23% | 398 | 13% | 13% | 3.4× | 22.6× |
| Nerdy | NYS: NRDY | 1.84 | 51.1% | 212 | 253 | 197 | 69% | (13) | -29% | 10% | 1.3× | NM |
| Scholastic | NAS: SCHL | 19.97 | 49.0% | 561 | 650 | 1,580 | 56% | 132 | 4% | -4% | 0.4× | 4.9× |
| Stride | NYS: LRN | 134.13 | 97.7% | 5,841 | 6,327 | 2,193 | 39% | 477 | 22% | 13% | 2.9× | 13.3× |
| Harmonic Mean | 0.8× | 9.3× | ||||||||||
$USD in millions. NM = not meaningful. Data as of January 31, 2025. Source: PitchBook.
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 29-Jan-2025 | Qimam El Hayat International Schools | EFG Holding | Operator of an international school intended to serve children below the age of twelve in Riyadh, Saudi Arabia. |
| 28-Jan-2025 | Food Nation Catering Services | ADNH Catering | Provider of school catering services intended to serve educational institutions. |
| 28-Jan-2025 | Water Wings Swim School | Seidler Equity Partners | Provider of swimming training services intended for all ages and skill levels. |
| 24-Jan-2025 | Create Kenkyukai | Showa Publishing | Operator of a preparatory school based in Ibaraki City, Japan. |
| 23-Jan-2025 | Durham School For Girls | International Schools Partnership | Operator of an all-girls educational institute based in Doha, Qatar. |
| 21-Jan-2025 | Ezri | Cornelsen Group | Developer of an AI-powered tutoring platform intended for personalized learning. |
| 20-Jan-2025 | Edjust | BrightChamps | Operator of an educational platform intended for the K-12 education marketplace. |
| 16-Jan-2025 | Les Mini Mondes | Unique Heritage Media | Provider of toys and magazine subscriptions intended to offer an entertainment option for children while learning. |
| 14-Jan-2025 | Blenheim Schools | Investcorp | Operator of primary and secondary education schools based in the United Kingdom. |
| 07-Jan-2025 | Colégio Maxi | Giusto 5 | Operator of a chain of schools intended to contribute to the formation of ethical and committed citizens. |
| 07-Jan-2025 | Orange (Educational and Training Services) | Amazing Life | Provider of Christian curriculums for family ministry intended to bring a passion for gospel clarity to the next generation, enabling both organizations to serve churches more effectively. |
| 01-Jan-2025 | Soaring Kite Books | Lerner Publishing Group | Publisher of children’s books intended to foster cultural representation and understanding. |
| 01-Jan-2025 | Vidyahub | Quicktouch Technologies | Provider of education services assisting students throughout India with their entrance exam preparation. |
Source: PitchBook.
Higher Education
Higher Education closed at 85% of 52-week highs on a 1.6× TEV/Revenue and 10.3× TEV/EBITDA harmonic mean, across a 14-company set that includes Cengage Learning this month. Pearson, Cengage Learning, and Universal Technical Institute all finished January at their 52-week highs, with Adtalem Global Education at 99.3%, Grand Canyon Education at 98.7%, Perdoceo Education at 97.2%, Graham Holdings at 95.7%, and Laureate Education at 95.4%. Barnes & Noble Education is the outlier at 8.3% as its pre-restructuring 52-week high remains in the trailing window. Coursera led the month at 12.7%, ahead of Barnes & Noble Education at 11.4% and Adtalem at 9.9%. American Public Education leads over twelve months at 104.8%, with Adtalem at 97.8% and Universal Technical Institute at 86.3%. January M&A skewed international, with Clariens Educação acquiring Brazilian institution IMEPAC and MetaApply taking IE Intercâmbio.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (1/31/25) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| Adtalem Global Education | NYS: ATGE | $102.42 | 99.3% | 3,840 | 4,656 | 1,688 | 57% | 426 | 23% | 13% | 2.8× | 10.9× |
| American Public Education | NAS: APEI | 21.94 | 92.0% | 389 | 580 | 613 | 52% | 67 | 8% | 2% | 0.9× | 8.7× |
| Barnes & Noble Education | NYS: BNED | 11.20 | 8.3% | 338 | 677 | 1,558 | 23% | 67 | -1% | 0% | 0.4× | 10.1× |
| Cengage Learning | GREY: CNGO | 19.50 | 100.0% | 1,219 | 3,390 | 1,479 | 52% | 419 | 23% | 5% | 2.3× | 8.1× |
| Coursera | NYS: COUR | 8.46 | 41.1% | 1,340 | 1,340 | 684 | 53% | 38 | -13% | 12% | 2.0× | NM |
| D2L | TSE: DTOL | 12.74 | 92.5% | 694 | 702 | 200 | 68% | 15 | 3% | 12% | 3.5× | NM |
| Graham Holdings | NYS: GHC | 932.11 | 95.7% | 4,039 | 5,161 | 4,712 | 30% | 477 | 13% | 9% | 1.1× | 10.8× |
| Grand Canyon Education | NAS: LOPE | 174.44 | 98.7% | 5,084 | 5,172 | 1,019 | 53% | 334 | 30% | 8% | 5.1× | 15.5× |
| Laureate Education | NAS: LAUR | 19.06 | 95.4% | 2,872 | 3,344 | 1,553 | 27% | 440 | 31% | 9% | 2.2× | 7.6× |
| Lincoln Technical Institute | NAS: LINC | 16.21 | 86.5% | 510 | 615 | 423 | 58% | 39 | 6% | 15% | 1.5× | 15.9× |
| Pearson | LON: PSON | 16.78 | 100.0% | 11,091 | 11,105 | 4,468 | 51% | 1,369 | 29% | -10% | 2.5× | 8.1× |
| Perdoceo Education | NAS: PRDO | 28.65 | 97.2% | 1,883 | 1,904 | 653 | 82% | 211 | 25% | -12% | 2.9× | 9.0× |
| Strategic Education | NAS: STRA | 98.59 | 79.8% | 2,422 | 2,611 | 1,211 | 47% | 240 | 18% | 10% | 2.2× | 10.9× |
| Universal Technical Institute | NYS: UTI | 27.74 | 100.0% | 1,508 | 1,778 | 733 | 48% | 103 | 15% | 21% | 2.4× | 17.3× |
| Harmonic Mean | 1.6× | 10.3× | ||||||||||
$USD in millions. NM = not meaningful. Data as of January 31, 2025. Source: PitchBook.
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 29-Jan-2025 | IE Intercâmbio | MetaApply | Operator of global education programs intended to guide students and professionals in their exchange programs around the world, spanning language learning, work and study opportunities, and high school and university programs. |
| 24-Jan-2025 | EntryLevel | HEX | Provider of soft skill courses intended to help individuals get employment, spanning product management, growth marketing, data analysis, and digital marketing. |
| 13-Jan-2025 | Lisa’s Clarinet Shop | Sales Maven | Retailer of professional clarinets intended for amateurs, professionals, students, military, and professional orchestral clarinetists, with instrument training and repair services. |
| 07-Jan-2025 | Goodkind | Niche | Developer of a marketing platform designed to help brands authentically connect with customers using personalized video on product displays and value demonstrations. |
| 05-Jan-2025 | IMEPAC | Clariens Educação | Operator of a higher education institution based in Araguari, Brazil, offering teaching methodologies including simulations, real-world projects, and institutional partnerships. |
| 02-Jan-2025 | Wefly (Educational and Training Services) | Creative Sight | Provider of aerial data collection and training services based in Vaerloese, Denmark, spanning drone inspection, drone training, classroom theory, and pilot certification. |
| 01-Jan-2025 | Unicheck | Advance Publications and Turnitin | Developer of cloud-based software intended to prevent plagiarism, checking texts against unique web pages to promote high standards of academic integrity. |
Source: PitchBook.
Workforce Development
Workforce Development led the coverage group at 91% of 52-week highs, on a 1.0× TEV/Revenue and 9.4× TEV/EBITDA harmonic mean, and carried the widest estimated 2024 EBITDA margin at 18% against revenue growth of -4%, the only negative growth reading in our coverage. Wolters Kluwer closed January at 99.9% of its high, DHI Group at 99.0%, and HealthStream at 97.9%, with Korn Ferry at 88.8%, Learning Technologies Group at 86.1%, and Randstad trailing at 73.8%. DHI Group was the standout across both the one-month and three-month windows at 66.1%, by far the largest single move anywhere in our coverage, while Wolters Kluwer led over twelve months at 22.1% and HealthStream followed at 21.6%. January M&A stayed granular across leadership development, aviation, and behavioral health training, headlined by Ardian’s acquisition of Talent At Work and Crisis Prevention Institute’s purchase of Verge Opplæring.
Public Company Data
| Market Cap ($M) | LTM | EV / LTM (×) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Ticker | Price (1/31/25) | % 52W High | Equity Mkt Cap | Enterprise Value | Revenue | Gross % | EBITDA | EBITDA % | 1-Yr Growth | Revenue | EBITDA |
| DHI Group | NYS: DHX | $2.96 | 99.0% | 143 | 188 | 144 | 86% | 36 | 18% | -6% | 1.3× | 5.2× |
| HealthStream | NAS: HSTM | 32.82 | 97.9% | 998 | 1,018 | 288 | 66% | 67 | 23% | 4% | 3.5× | 15.3× |
| Korn Ferry | NYS: KFY | 71.60 | 88.8% | 3,693 | 4,234 | 2,742 | 89% | 442 | 16% | -4% | 1.5× | 9.6× |
| Learning Technologies Group | LON: LTG | 1.13 | 86.1% | 900 | 902 | 665 | NM | 88 | 17% | -11% | 1.4× | 10.2× |
| Randstad | AMS: RAND | 43.51 | 73.8% | 7,644 | 8,149 | 26,266 | 20% | 1,095 | 4% | -8% | 0.3× | 7.4× |
| Wolters Kluwer | AMS: WKL | 182.47 | 99.9% | 42,879 | 46,089 | 6,221 | 72% | 1,992 | 32% | 3% | 7.4× | 23.1× |
| Harmonic Mean | 1.0× | 9.4× | ||||||||||
$USD in millions. NM = not meaningful. Data as of January 31, 2025. Source: PitchBook.
Recent M&A Transactions
| Date | Target | Acquirer | Description |
|---|---|---|---|
| 30-Jan-2025 | TLG Learning | EnterOne | Provider of IT training and professional development courses intended for corporations and government agencies. |
| 27-Jan-2025 | LeaderSharp Group | Incito Executive and Leadership Development | Provider of leadership development programs intended to enhance organizational effectiveness. |
| 24-Jan-2025 | Vendredi | Komeet | Operator of a social start-up intended for shared jobs between profit and non-profit organizations. |
| 23-Jan-2025 | Luminate+ | The L Suite | Operator of an e-learning platform designed to offer insight, clarity, and direction. |
| 23-Jan-2025 | Talent At Work | Ardian | Provider of corporate culture transformation and training services. |
| 21-Jan-2025 | FulGaz | Pale Fire Capital | Developer of indoor virtual cycling software designed to bring a realistic riding experience to life. |
| 21-Jan-2025 | Marelius Biopharma Group | Argentum 47 | Provider of consulting and educational services catering to the biopharmaceutical and pharmaceutical industries. |
| 21-Jan-2025 | Verge Opplæring | Crisis Prevention Institute | Developer of training and support services intended for corporate employees. |
| 16-Jan-2025 | Nivelat | Altis Investment Management | Operator of a result-driven learning platform. |
| 15-Jan-2025 | Cool College | Beisen Cloud Computing | Developer of enterprise training software. |
| 14-Jan-2025 | Firme Visionère | Groupe Alphard | Provider of education and training services catering to construction sites, industries, and the mining sector. |
| 08-Jan-2025 | Warren Access | UK Tool Hire Group | Provider of powered access hire and training services focused on the North East and South East of England. |
| 07-Jan-2025 | Brief Strategic Family Therapy Institute | Archipelago Capital Partners | Provider of training and consultation intended for behavioral and mental health practitioners. |
| 07-Jan-2025 | Patria Pilot Training | Airways Aviation | Provider of an aviation academy intended to train commercial pilots. |
Source: PitchBook.
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