Monthly Market Update June 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 May 31, 2025.

Education & Training May 2025 data Published June 2025

Navagant Education & Training Monthly Market Update - June 2025

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

Sector valuations spanned a wide band at the May close, with harmonic-mean TEV/EBITDA multiples ranging from 2.3× (EdTech) to 10.8× (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 62%. Perdoceo Education closed May at 99.4% of its 52-week high, Lincoln Technical Institute at 98.3%, and Grand Canyon Education and Universal Technical Institute both at 97.8%. DHI Group was the month’s strongest single move at 48.2%, with Lincoln Technical Institute up 40.4% and Perdoceo up 31.7%. May’s headline transactions came in Workforce Development and Corporate Training, where Ares Management acquired Shiftboard and Eurazeo took digital strategy consultancy OMMAX.

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 May 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 May 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	-1%	4%	6%	6%	-3%
2025E EBITDA Margin	-27%	2%	16%	16%	17%
% of 52-Week High	62%	71%	83%	85%	91%
Debt / 2025E EBITDA	1.9×	2.0×	0.2×	0.9×	1.0×

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

Top 3 Performers by Stock Price

Period	EdTech	PreK-12	Corporate Training	Higher Education	Workforce Dev.
Last Month	Chegg+18.7% D2L+14.7% Nerdy+5.0%	Stride+6.6% Nerdy+5.0% Bright Horizons+2.8%	FranklinCovey+15.8% Stride+6.6% SkillSoft+6.2%	Lincoln Technical Institute+40.4% Perdoceo Education+31.7% Universal Technical Institute+27.4%	DHI Group+48.2% Korn Ferry+10.0% Randstad+4.1%
Last 3 Months	Coursera+9.1% Nerdy+3.7% Chegg-16.2%	Stride+12.5% Nerdy+3.7% Bright Horizons+0.4%	NIIT+13.9% Stride+12.5% Wilmington+11.3%	American Public Education+39.0% Adtalem Global Education+30.1% Lincoln Technical Institute+29.7%	Wolters Kluwer+11.1% Korn Ferry+4.5% Randstad-0.7%
Last 12 Months	D2L+68.4% Coursera+15.1% Nerdy-2.3%	Stride+119.1% Bright Horizons+24.7% Nerdy-2.3%	SkillSoft+120.0% Stride+119.1% Pearson+35.1%	Universal Technical Institute+119.9% Adtalem Global Education+105.9% Universal Technical Institute+103.4%	Wolters Kluwer+11.5% DHI Group+4.5% HealthStream+3.8%

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

Corporate Training

Comp set 10 companies · Harmonic mean 1.7× TEV/Rev, 10.8× TEV/EBITDA

Corporate Training carried the coverage group’s richest EBITDA multiple at a 10.8× harmonic mean and closed at 83% of 52-week highs. Stride (93.3%), Wilmington (88.3%), and Pearson (88.1%) led the group into month-end, while Docebo (50.2%) and FranklinCovey (52.6%) traded at the deepest discounts. FranklinCovey was the month’s standout at 15.8%, followed by Stride at 6.6% and SkillSoft at 6.2%. Over twelve months the set is led by SkillSoft at 120.0% and Stride at 119.1%, with Pearson at 35.1%. May M&A was led by Eurazeo’s acquisition of digital strategy consultancy OMMAX and Level Equity’s purchase of Educational Advantage.

TEV / Revenue

1.7×

TEV / EBITDA

10.8×

2025E Rev. Growth

2025E EBITDA Margin

16%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (5/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Accenture	NYS: ACN	$316.82	79.5%	198,338	198,838	67,221	32%	13,619	17%	4%	3.0×	14.6×
Docebo	TSE: DCBO	27.16	50.2%	805	714	223	81%	35	10%	17%	3.2×	20.4×
FranklinCovey	NYS: FC	23.38	52.6%	304	267	286	77%	47	12%	3%	0.9×	5.7×
John Wiley & Sons	NYS: WLY	39.12	72.5%	2,110	2,995	1,703	74%	397	21%	-12%	1.8×	7.5×
NIIT	BOM: 500304	1.59	57.6%	216	125	42	26%	4	23%	18%	3.0×	29.3×
Pearson	LON: PSON	15.72	88.1%	10,345	11,530	4,538	51%	1,053	22%	-3%	2.5×	11.0×
SkillSoft	NYS: SKIL	20.00	58.1%	170	658	531	75%	109	12%	-4%	1.2×	6.0×
Stride	NYS: LRN	151.39	93.3%	6,589	6,427	2,286	39%	525	23%	15%	2.8×	12.2×
Thinkific	TSE: THNC	1.85	58.3%	126	76	69	75%	4	-1%	13%	1.1×	21.0×
Wilmington	LON: WIL	4.91	88.3%	438	402	129	NM	32	22%	7%	3.1×	12.6×
Harmonic Mean											1.7×	10.8×

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

Recent M&A Transactions

Date	Target	Acquirer	Description
27-May-2025	OMMAX	Eurazeo	Operator of a digital strategy consulting firm intended for companies and private equity firms.
26-May-2025	Introdus	HR-On	Developer of employee onboarding and integration software designed to streamline onboarding and employee development processes.
23-May-2025	Rabota	Grupa Pracuj	Developer of an online job portal intended to help job seekers find jobs.
23-May-2025	RE Recruitment	Investec	Operator of a recruitment agency intended to connect businesses with qualified job seekers.
21-May-2025	DPO Consultancy	AXECO Corporate Finance	Operator of a consultancy firm specializing in GDPR compliance and data privacy regulations.
17-May-2025	KidsBook	Colegium	Developer of an educational platform designed to optimize the administration and communication between preschool establishments and parents.
09-May-2025	Educational Advantage	Level Equity	Provider of employee training and e-learning programs intended for businesses and social service agencies.
01-May-2025	myTIPreport	Ascend Learning	Developer of a real-time feedback platform intended to enhance communication and performance tracking in medical education environments.

Source: PitchBook.

EdTech

Comp set 3 companies · Harmonic mean 0.5× TEV/Rev, 2.3× TEV/EBITDA

EdTech was the most discounted sub-sector at 62% of 52-week highs, on a 0.5× TEV/Revenue and 2.3× TEV/EBITDA harmonic mean across a three-company set. Nerdy closed strongest at 78.4% of its high, with D2L at 66.7% and Chegg at just 26.0%. Chegg was nonetheless the month’s best move at 18.7%, with D2L up 14.7% and Nerdy up 5.0%, though Chegg still carried a 19.7% revenue decline and a -114.6% LTM EBITDA margin. D2L leads the set over twelve months at 68.4%, ahead of Coursera at 15.1%. May deal flow centered on tutoring and online course platforms, headlined by IXL Learning’s acquisition of MyTutor and HarbourVest’s purchase of Verkkokoulu.

TEV / Revenue

0.5×

TEV / EBITDA

2.3×

2025E Rev. Growth

-1%

2025E EBITDA Margin

-27%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (5/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Chegg	NYS: CHGG	$1.02	26.0%	109	105	565	67%	122	-115%	-20%	0.2×	0.9×
D2L	TSE: DTOL	9.94	66.7%	546	458	205	68%	19	5%	13%	2.2×	24.1×
Nerdy	NYS: NRDY	1.71	78.4%	205	178	184	65%	(28)	-36%	-7%	1.0×	NM
Harmonic Mean											0.5×	2.3×

$USD in millions. NM = not meaningful. The harmonic mean is heavily influenced by the small number of companies in this comp set. Data as of May 31, 2025. Source: PitchBook.

Recent M&A Transactions

Date	Target	Acquirer	Description
29-May-2025	MyTutor	IXL Learning	Developer of an online tutoring platform designed to improve children’s grades.
28-May-2025	MyCaptain	Imarticus Learning	Developer of an online youth mentoring platform designed to help teenagers connect with young professionals to make informed career choices.
27-May-2025	OMMAX	Eurazeo	Operator of a digital strategy consulting firm intended for companies and private equity firms.
21-May-2025	DPO Consultancy	AXECO Corporate Finance	Operator of a consultancy firm specializing in GDPR compliance and data privacy regulations.
17-May-2025	KidsBook	Colegium	Developer of an educational platform designed to optimize the administration and communication between preschool establishments and parents.
16-May-2025	StudyBee	JCE Group	Developer of an assessment tool designed to provide digital classroom services created to make the assessment process simple and less time-consuming.
15-May-2025	Verkkokoulu	HarbourVest	Provider of online training courses intended to promote the competitiveness of society and business life by offering a cost-effective and flexible online training format for professionals.
12-May-2025	Kineo	Cambridge Information Group	Operator of a workplace learning company intended to help organizations achieve their learning goals and drive better business results.

Source: PitchBook.

PreK-12

Comp set 4 companies · Harmonic mean 0.9× TEV/Rev, 9.4× TEV/EBITDA

PreK-12 closed at 71% of 52-week highs with a 0.9× TEV/Revenue and 9.4× TEV/EBITDA harmonic mean, on the coverage group’s thinnest estimated EBITDA margin at 2%. Stride (93.3%) and Bright Horizons (91.1%) finished near their highs and Nerdy held 78.4%, while Scholastic trailed at 44.5%. Stride led the month at 6.6% and the three-month window at 12.5%, and holds by far the strongest twelve-month return in the set at 119.1%, with Bright Horizons at 24.7%. Bright Horizons carries the widest revenue multiple in the group at 3.3× on 9.7% growth. May M&A ran across nurseries and independent schools, with Seidler Equity Partners acquiring Young Academics Early Learning Centre, Alta Capital taking Hartland International School, and Inspired Learning Group adding Clayesmore School.

TEV / Revenue

0.9×

TEV / EBITDA

9.4×

2025E Rev. Growth

2025E EBITDA Margin

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (5/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Bright Horizons Family Solutions	NYS: BFAM	$129.20	91.1%	7,397	9,033	2,729	23%	427	13%	10%	3.3×	21.2×
Nerdy	NYS: NRDY	1.71	78.4%	205	178	184	65%	(28)	-36%	-7%	1.0×	NM
Scholastic	NAS: SCHL	17.27	44.5%	461	757	1,592	56%	145	6%	-3%	0.5×	5.2×
Stride	NYS: LRN	151.39	93.3%	6,589	6,427	2,286	39%	525	23%	15%	2.8×	12.2×
Harmonic Mean											0.9×	9.4×

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

Recent M&A Transactions

Date	Target	Acquirer	Description
30-May-2025	Skills Centre PLUS	Acis Group	Provider of vocational training services intended to serve young people for alternative education and skills development.
19-May-2025	Elmore Kindergarten	Nurtured Childcare	Provider of childcare nursery services intended to offer childcare and early education in a safe and caring environment.
15-May-2025	Young Academics Early Learning Centre	Seidler Equity Partners	Provider of early childhood education and care services intended to foster holistic development through play-based learning in a family-oriented environment.
08-May-2025	Education Network	Hana Holdings	Operator of learning communities intended to offer holistic education services for small kids and children.
08-May-2025	Hartland International School	Alta Capital	Operator of a British curriculum international school built for fostering academic excellence and holistic development in a values-based, inclusive learning environment.
06-May-2025	Clayesmore School	Inspired Learning Group	Operator of a co-educational day and boarding school offering education from age 8 to 18.
06-May-2025	R.E.A.L. Education	Aurora Group	Provider of alternative education intended to support different learning needs.
05-May-2025	Little London International Academy	Mark Twain International School	Provider of private educational programs intended for early childhood through high school development.

Source: PitchBook.

Higher Education

Comp set 13 companies · Harmonic mean 1.5× TEV/Rev, 9.7× TEV/EBITDA

Higher Education closed at 85% of 52-week highs on a 1.5× TEV/Revenue and 9.7× TEV/EBITDA harmonic mean, with an unusually tight cluster near the top of the range: Perdoceo Education (99.4%), Lincoln Technical Institute (98.3%), Grand Canyon Education and Universal Technical Institute (both 97.8%), American Public Education (97.5%), Laureate Education (95.3%), Adtalem Global Education (94.2%), and Graham Holdings (94.0%). Barnes & Noble Education is the outlier at 14.8% as its post-restructuring 52-week high remains in the trailing window. Lincoln led the month at 40.4%, Perdoceo at 31.7%, and Universal Technical Institute at 27.4%, while American Public Education topped the three-month window at 39.0%. Universal Technical Institute leads over twelve months at 119.9%, with Adtalem at 105.9%. May M&A featured Wolters Kluwer’s acquisition of IntelliLearn and Serco Group’s purchase of Northrop Grumman’s mission training and satellite ground network communications software business.

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 (5/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
Adtalem Global Education	NYS: ATGE	$132.03	94.2%	4,744	5,305	1,741	57%	447	24%	13%	3.0×	11.9×
American Public Education	NAS: APEI	29.45	97.5%	531	608	635	53%	76	9%	5%	1.0×	7.9×
Barnes & Noble Education	NYS: BNED	12.03	14.8%	410	765	1,568	22%	74	0%	0%	0.5×	10.3×
Coursera	NYS: COUR	8.85	75.4%	1,428	683	705	54%	52	-10%	7%	1.0×	13.2×
D2L	TSE: DTOL	9.94	66.7%	546	458	205	68%	19	5%	13%	2.2×	24.1×
Graham Holdings	NYS: GHC	954.41	94.0%	4,161	4,480	4,804	31%	1,287	28%	6%	0.9×	3.5×
Grand Canyon Education	NAS: LOPE	197.85	97.8%	5,614	5,414	1,048	53%	343	30%	6%	5.2×	15.8×
Laureate Education	NAS: LAUR	22.50	95.3%	3,348	3,672	1,527	26%	425	33%	1%	2.4×	8.6×
Lincoln Technical Institute	NAS: LINC	23.80	98.3%	752	900	454	59%	46	7%	15%	2.0×	19.4×
Pearson	LON: PSON	15.72	88.1%	10,345	11,530	4,538	51%	1,053	22%	-3%	2.5×	11.0×
Perdoceo Education	NAS: PRDO	34.04	99.4%	2,231	1,768	726	81%	250	28%	6%	2.4×	7.1×
Strategic Education	NAS: STRA	91.23	75.0%	2,204	2,141	1,233	47%	232	16%	6%	1.7×	9.2×
Universal Technical Institute	NYS: UTI	35.53	97.8%	1,933	2,054	783	49%	120	17%	15%	2.6×	17.1×
Harmonic Mean											1.5×	9.7×

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

Recent M&A Transactions

Date	Target	Acquirer	Description
30-May-2025	IntelliLearn	Wolters Kluwer	Provider of online healthcare education services intended specifically for the healthcare sector.
28-May-2025	MyCaptain	Imarticus Learning	Developer of an online youth mentoring platform designed to help teenagers connect with young professionals to make informed career choices.
27-May-2025	Northrop Grumman MT&S business	Serco Group	Provider of training and satellite ground network communications software solutions catering to the US military.
20-May-2025	Pairin	Digital Capital Partners	Developer of a readiness management system intended to personalize career exploration, hiring, and professional development.
12-May-2025	Kineo	Cambridge Information Group	Operator of a workplace learning company intended to help organizations achieve their learning goals and drive better business results.
09-May-2025	Educational Advantage	Level Equity	Provider of employee training and e-learning programs intended for businesses and social service agencies.

Source: PitchBook.

Workforce Development

Comp set 5 companies · Harmonic mean 1.0× TEV/Rev, 8.2× TEV/EBITDA

Workforce Development led the coverage group at 91% of 52-week highs, on a 1.0× TEV/Revenue and 8.2× TEV/EBITDA harmonic mean, and carried the widest estimated 2025 EBITDA margin at 17% against revenue growth of -3%, the only negative growth reading in our coverage. Wolters Kluwer closed May at 94.4% of its high, followed by Korn Ferry at 84.3%, HealthStream at 81.8%, and Randstad at 79.0%, while DHI Group sat at 64.9% despite a 48.2% gain on the month, the strongest single move anywhere in our coverage. Wolters Kluwer led both the three-month window at 11.1% and the twelve-month window at 11.5%. May M&A stayed focused on workforce software and staffing, headlined by Ares Management’s acquisition of Shiftboard and Investec’s purchase of RE Recruitment.

TEV / Revenue

1.0×

TEV / EBITDA

8.2×

2025E Rev. Growth

-3%

2025E EBITDA Margin

17%

Public Company Data

				Market Cap ($M)		LTM					EV / LTM (×)
Company	Ticker	Price (5/31/25)	% 52W High	Equity Mkt Cap	Enterprise Value	Revenue	Gross %	EBITDA	EBITDA %	1-Yr Growth	Revenue	EBITDA
DHI Group	NYS: DHX	$2.15	64.9%	105	145	138	85%	34	10%	-7%	1.1×	4.3×
HealthStream	NAS: HSTM	28.02	81.8%	855	759	292	66%	66	22%	3%	2.6×	11.5×
Korn Ferry	NYS: KFY	68.01	84.3%	3,512	3,277	2,741	24%	455	16%	-3%	1.2×	7.2×
Randstad	AMS: RAND	42.05	79.0%	7,368	9,357	25,592	19%	990	3%	-4%	0.4×	9.5×
Wolters Kluwer	AMS: WKL	177.82	94.4%	41,235	44,476	6,402	73%	2,088	32%	6%	6.9×	21.3×
Harmonic Mean											1.0×	8.2×

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

Recent M&A Transactions

Date	Target	Acquirer	Description
30-May-2025	Shiftboard	Ares Management	Developer of online scheduling and hourly workforce management software designed to manage workforce needs.
26-May-2025	Introdus	HR-On	Developer of employee onboarding and integration software designed to streamline onboarding and employee development processes.
23-May-2025	Rabota	Grupa Pracuj	Developer of an online job portal intended to help job seekers find jobs.
23-May-2025	RE Recruitment	Investec	Operator of a recruitment agency intended to connect businesses with qualified job seekers.
09-May-2025	Educational Advantage	Level Equity	Provider of employee training and e-learning programs intended for businesses and social service agencies.

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.