Pearson PLC (LSE:PSON) said it bought the 80% interest it does not already own in professional credentialing company Credly in a deal worth a total of US$200mln.
The acquisition enhances Pearson's presence in the fast-growing workforce skills sector and comes at a time of increasing demand for digital credentials in a global talent market worth around US$400bn, the learning company said in a statement.
The purchase price for Credly comprises an upfront payment of US$140mln, Pearson's existing 20% stake valued at US$40mln and a deferred consideration.
Pearson said Credly's easy-to-use platform, which is used by over 2,000 organisations, enables users to award trusted digital credentials that verify an individual's skills and help connect them with the right opportunities.
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"The Credly acquisition is another important step in accelerating our strategy in the workforce skills market and in building connectivity across the entire Pearson portfolio. The growing skills gap is putting enormous pressure on the labour market, making verified credentials more essential than ever before," said Pearson chief executive Andy Bird.
"Credly complements our other recent acquisition - Faethm - to address the full learner journey, enabling us to work with employers and employees to identify skills needs, provide learning to address those needs and offer trusted credentialing to prove proficiency."
Credly grew revenues by 47% to US$13.3mln in 2021 and has delivered compound annual growth rate (CAGR) revenue growth of 42% from 2019-2021.