Learning Technologies Group PLC (LON:LTG) said the acquisition of getBridge LLC and related assets (Bridge) has now completed.
The provider of services and technologies for digital learning and talent management announced last month it agreed to acquire Bridge for US$50mln (£36mln) from Instructure Inc using existing cash resources.
WATCH: Learning Technologies says getBridge deal opens up crucial mid-market space in learning and talent
Bridge is a learning, performance and skills development platform for mid-enterprise organisations, headquartered in the US with operations in the UK and Hungary.
It provides a learning management system in addition to performance, engagement and skills development products, on a single, easy-to-use, SaaS-based platform.
Bridge, which has over 800 customers, achieved unaudited revenue of US$20mln (£14mln) in the financial year 2020, of which more than 90% was derived from recurring annual and multi-year contracts, and an underlying loss of US$1mln (£0.7mln).
With the operational synergies that will be created with the rest of the Group, LTG had said it expects Bridge to become earnings accretive from the second half of 2021 and to align with its typical software division margins by early 2022.
The AIM-listed firm had said the acquisition significantly extends its mid-enterprise learning and talent offering, as it is complementary to PeopleFluent, which serves the large enterprise market, and BreezyHR, which serves the small and medium-sized business market.
LTG will be able to provide a holistic learning and talent development offering to meet the needs of small, mid-size and large enterprises, three distinct groups with varying requirements, the company said.
Bridge represents LTG's seventh acquisition since the £81.8mln placing in May 2020, bringing the total consideration spent to around £80mln, excluding performance-related earn outs.