EQT Expansion Capital II (“EQT”) has sold itslearning AS (“itslearning” or “the Company”), an international provider of a pedagogy focused cloud-based digital Learning Management System (LMS) platform, to Sanoma, a leading learning and media company headquartered in Finland and operating in six European countries.
Headquartered in Bergen, Norway, itslearning is a provider of a pedagogy focused cloud-based Learning Management System (LMS) with operations in Scandinavia, the Netherlands, France, Germany, UK and the US. The Company’s cloud-based platform acts as a hub for distribution of digital learning materials and enables efficient collaboration between teachers, students and parents, including best practice sharing, use of learning modules, uploading of assignments and assessment communication.
EQT invested in itslearning in 2013 with a mission to provide funding for growth and to buy-out parts of the existing shareholder base. During EQT’s ownership, itslearning strengthened its footprint in Scandinavia and the UK through the completion of two sizeable add-on acquisitions, which led to a doubling of the revenues. itslearning also invested heavily in product R&D in Norway as well as the itslearning brand in the US and in August 2018, the Company signed a partnership with Google, providing Google G Suite connectivity for the itslearning’ LMS platform.
Anders Misund, Partner at EQT Partners and Investment Advisor to EQT Expansion Capital II, commented: “In Sanoma, we have found a strong and sustainable new owner for itslearning, who can support its long-term development and growth ambitions. Sanoma is a strong strategic fit for itslearning and will provide a stable partnership for the Company’s employees as well as for students, teachers and parents.”
Arne Bergby, CEO at itslearning, commented: “Together with EQT, we have developed and professionalized our business model and invested heavily in our LMS platform. We welcome Sanoma as our new owner and we see this as a strategic partnership that will enable us to drive further convergence of digital and traditional media.”
The transaction closed on 5 December 2019. The parties have agreed not to disclose financial details related to the transaction.
Anders Misund, Partner at EQT Partners, Investment Advisor to EQT Expansion Capital II, +47 23 23 75 50
EQT Press Office, [email protected], +46 8 506 55 334
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
itslearning was founded in 1999 and is based in Bergen, Norway. The Company is the market leader in Norway and Denmark and has leading market positions in Sweden, the Netherlands, France and the UK as well as footprint in Germany and the US. itslearning's LMS platform is developed to act as a hub for distribution of digital learning materials and to enable efficient collaboration between teachers, students and parents, including best practice sharing, use of learning modules, upload assignments and assessment communication.
More info: www.itslearning.com