Codecademy, a 40-million user platform designed to learn software development has been obtained by Skillsoft for $525 million, which is a learning platform created for the corporate market
Skillsoft Corp., a publicly-traded digital learning service, has purchased Codecademy for $525 million. The sale was made on 22nd December 2021, and it will be financed through an amalgamation of cash and stock payment approach.
What is Codecademy?
Codecademy is a software development learning tool that provides free basic courses. The platform generates revenue by extending paid courses for advanced learning via paid subscriptions. The service also presents a range of broader courses for individuals wishing to pursue a career in data science.
The primary audience for Codecademy is individual learners and companies that wish to train their workers by teaching them new skills. Some of the most prominent organizations that collaborate with the platform include IBM Corporation, Microsoft Corporation, and Google LLC.
On its own, Codecademy has received funding of $80 million from renowned investors, including the likes of Index Ventures. The firm also has more than 40 million users availing its courses.
How this investment helps Skillsoft
Skillsoft has goals to increase its existence in the IT industry. The firm already extends corporate learning content to several organizations, including Toyota Motor Corp. and General Electric Co. Skillsoft’s courses cover vast topics, including data science, product management, business operations, and more.
According to Skillsoft, the firm will conclude the acquisition in the half of 2022. The deal is anticipated to facilitate the growth in Skillsoft’s revenue and booking.
However, the company also has plans to market the coding courses it gains through Codecademy to its existing customer base, which exceeds 12,000 businesses. It also has the intention to add to Codecademy’s course catalog. This will create more opportunities for the firm to market its courses to Codecademy’s users.
The bottom line
The acquisition of Codecademy by Skillsoft will combine their users and organizations to launch an all-inclusive platform that extends complete IT courses for individuals and companies alike. Furthermore, Skillsoft aims to promote the combined courses by implementing compelling digital marketing campaigns to achieve optimal results.
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