John Wiley & Sons Signs Definitive Agreement to Acquire CrossKnowledge for $175M Cash
John Wiley & Sons, Inc. (NYSE: JWa and JWb), a global provider of knowledge and knowledge-enabled solutions that improve outcomes in research, professional practice, and education, announced today that it has signed a definitive agreement to acquire CrossKnowledge, a learning solutions provider focused on leadership and managerial skills development, for $175 million in cash. The transaction is expected to close on May 1.
CrossKnowledge is a privately-held company based in France with over 200 employees. It offers subscription-based, digital learning solutions for multi-national corporations, universities, and small and medium-sized enterprises. CrossKnowledge solutions, which include managerial and leadership skills assessment, courses, certifications, content, and executive training programs, are delivered on a cloud-based platform providing over 17,000 learning objects in 17 languages. Solutions can be readily customized for each individual client, providing employees with access to relevant learning and development resources in a tailored online experience. CrossKnowledge generated $37 million of revenue in its fiscal year ending June 30, 2013.
Steve Smith, President and CEO of Wiley, said: “The addition of CrossKnowledge to our talent management portfolio, which now includes innovative pre- and post-hire assessment solutions from our Profiles International and Inscape acquisitions, positions us as a leader in the rapidly-growing area of enterprise talent management. In today's knowledge-based economy, organizations of all different shapes and sizes are looking to address skill, productivity and performance gaps through investment in their current workforce rather than hiring additional resources. At the same time, they are moving from face-to-face training to e-learning solutions that offer individualized assessment and prescriptive learning. Wiley and CrossKnowledge are at the forefront of this trend.”
“CrossKnowledge brings to Wiley a valued brand, global footprint and talented leadership team,” said Mark Allin, Wiley's SVP, Professional Development. “Together with our acquisitions of Profiles International, Inscape and Deltak, CrossKnowledge accelerates our strategy to provide customers with a suite of services from education through employment, enabling individuals to fulfill their career ambitions and corporations to maximize their talent.”
Mickaël Ohana, CEO of CrossKnowledge, commented: “CrossKnowledge has gained excellent momentum in this shift to digital learning for professionals. CrossKnowledge is delivering solid growth in Europe, its largest region, and has recently launched its important entry into the Americas. We now have five million end-users in over 80 countries. With Wiley's scale, content, author base, and distribution network, CrossKnowledge is now poised to accelerate its growth strategies and reach new markets.”
Wiley management will provide further details and address questions during a conference call scheduled for May 8, 2014 at 2:00 pm EDT.
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