26
June 2024
Learning Technologies Group
plc
("LTG", the "Group" or the
"Company")
(AIM: LTG)
Sale of VectorVMS to PIXID
Group for $50 million
Learning Technologies Group plc, a
global market leader in learning and talent technologies and services, today
announces that it has entered into a definitive agreement to sell
its VectorVMS business ("Vector") to PIXID Group, one of the
largest vendor management platforms in Europe, majority owned by
Keensight Capital, for a cash consideration of $50 million on a
cash and debt free basis (subject to customary
adjustments).
VectorVMS is a leading vendor
management platform for contingent labour with operations
predominantly in North America and also in the UK. By way of
background, VectorVMS was acquired as part of the $150 million
PeopleFluent acquisition in 2018 and was subsequently separated
into an independent business and brand later that year. For the
full year ended 31 December 2023, Vector generated revenue and
Adjusted EBIT of $11.4m and $7.1 million respectively.
The sale of Vector is part of LTG's
announced strategy to actively manage the portfolio, sharpening our
focus on learning and talent development. The sale of Vector
follows the completed disposals of Lorien Engineering Solutions and
TTI in 2023.
The Board of Directors will consider
the use of proceeds from the Vector divestiture and provide an
update to the market in due course. The transaction is expected to
close in July 2024.
Enquiries:
|
|
Learning Technologies Group plc
Jonathan Satchell, Chief
Executive
Kath Kearney-Croft, Chief Financial
Officer
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+44 (0)20 7832 3440
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Goldman Sachs International (Financial Adviser & Joint
Corporate Broker)
Khamran Ali, Nick Harper, Lorenzo
Carlino, Bertie Whitehead, Adam Laikin
|
+44 (0)20 7774 1000
|
Deutsche Numis (NOMAD and Corporate Broker)
Nick Westlake, Ben Stoop, Tejas
Padalkar
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+44 (0)20 7260 1000
|
FTI
Consulting (Public Relations Adviser)
Jamie Ricketts, Emma Hall, Lucy
Highland, Jemima Gurney
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+44 (0)20 3727 1000
|
About LTG
Learning Technologies Group plc
(LTG) is a leader in the growing workplace digital learning and
talent management market. The Group offers end-to-end learning and
talent solutions ranging from strategic consultancy, through a
range of content and platform solutions to analytical insights that
enable corporate and government clients to close the gap between
current and future workforce capability.
LTG is listed on the London Stock
Exchange's Alternative Investment Market (LTG.L) and headquartered
in London. The Group has offices in Europe, North America, South
America and Asia-Pacific.
About VectorVMS
VectorVMS was founded in 1999 and is
headquartered in Raleigh, North Carolina. VectorVMS combines
innovative and trusted technology with in-depth industry expertise
to create specialised contingent workforce programs. Vector's
configurable digital platform enables organisations to have full
visibility into their contingent labour programs, giving them the
confidence to maintain compliance, reduce costs and drive
efficiency in their extended workforce. Vector has operations
across the USA, Canada and the UK. Vector was acquired by LTG plc
as part of the $150 million PeopleFluent acquisition in 2018 and
was subsequently separated into an independent business and brand
later that year.
About PIXID Group
PIXID Group ("PIXID") was founded in
2004 and is headquartered in Paris, France. PIXID is the largest
European vendor management SaaS platform, offering comprehensive
solutions for digitalising the management and oversight of flexible
resources. Initially specialising in temporary staffing, PIXID now
provides a wide array of services, including the management of
permanent contracts, fixed-term contracts, internships, and
apprenticeships. With a dedicated team of nearly 250 employees
across Paris, Rotterdam, London, Antwerp, and now the USA, PIXID
supports thousands of businesses, ranging from small enterprises to
large corporations, with a spend estimated at nearly 11 billion
euros on a yearly basis on PIXID platforms. Keensight Capital, one
of the leading private equity managers dedicated to pan-European
Growth Buyout investments, acquired a majority stake in PIXID In
2015.