John Wiley & Sons Inc., a research and education firm, signed a definitive agreement to acquire Learning House, a diversified education services provider, from Weld North Holdings. Learning House and Wiley's existing Education Services business, based in Oak Brook, will combine to create a diversified software and services leader in the $2.3 billion online program management (OPM) market.
Under the terms of the agreement, Learning House shareholders will receive $200 million in cash. The transaction is expected to close on or around November 1, 2018, subject to customary closing and regulatory conditions.
Learning House, headquartered in Louisville, Kentucky, provides online program management services for colleges and universities, including graduate and undergraduate programs; short courses, boot camps and other skills training and credentialing for students and professionals; pathway services for international students; professional development services for teachers; and learning solutions for corporate clients. Revenue for fiscal year 2018, ending Dec. 31, is forecast to be approximately $70 million, up 17 percent from the prior year.
"Learning House is a dynamic growth company and we are thrilled to have Todd Zipper and the Learning House team join the Wiley family," said Brian Napack, president and CEO of Wiley. "The addition of Learning House to Wiley's portfolio of tech-enabled education services positions us as a clear leader in the rapidly growing market for services that help institutions, corporations, professionals, and students to achieve their goals."
Learning House and Wiley's existing Education Services business will combine to create a diversified software and services leader in the $2.3 billion OPM market, with approximately $200 million in combined annual revenue, over 60 university partners ranging from national to regional, over 800 online graduate and undergraduate degree programs across disciplines, and targeted institutional services such as student recruitment and enrollment. Learning House will further extend Wiley's reach into the $10+ billion education services space, with short courses, boot camps, and training services in critical areas like software development and teaching, and a job matching network of more than 450 employers.
"The key to our success is understanding the changing needs of our partners and investing in their success to help students achieve their education and career goals," said Matt Hillman, general manager of Wiley Education Services.