Sale of VectorVMS
26 June 2024
Learning Technologies Group plc
("LTG", the "Group" or the "Company")
(AIM: LTG)
Sale of VectorVMS to PIXID Group for $50 million
Learning Technologies Group plc, a global market leader in learning and talent technologies and services, today announces that it has entered into a definitive agreement to sell its VectorVMS business ("Vector") to PIXID Group, one of the largest vendor management platforms in Europe, majority owned by Keensight Capital, for a cash consideration of $50 million on a cash and debt free basis (subject to customary adjustments).
VectorVMS is a leading vendor management platform for contingent labour with operations predominantly in North America and also in the UK. By way of background, VectorVMS was acquired as part of the $150 million PeopleFluent acquisition in 2018 and was subsequently separated into an independent business and brand later that year. For the full year ended 31 December 2023, Vector generated revenue and Adjusted EBIT of $11.4m and $7.1 million respectively.
The sale of Vector is part of LTG's announced strategy to actively manage the portfolio, sharpening our focus on learning and talent development. The sale of Vector follows the completed disposals of Lorien Engineering Solutions and TTI in 2023.
The Board of Directors will consider the use of proceeds from the Vector divestiture and provide an update to the market in due course. The transaction is expected to close in July 2024.
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Enquiries: |
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Learning Technologies Group plc Jonathan Satchell, Chief Executive Kath Kearney-Croft, Chief Financial Officer |
+44 (0)20 7832 3440 |
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Goldman Sachs International (Financial Adviser & Joint Corporate Broker) Khamran Ali, Nick Harper, Lorenzo Carlino, Bertie Whitehead, Adam Laikin |
+44 (0)20 7774 1000 |
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Deutsche Numis (NOMAD and Corporate Broker) Nick Westlake, Ben Stoop, Tejas Padalkar |
+44 (0)20 7260 1000 |
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FTI Consulting (Public Relations Adviser) Jamie Ricketts, Emma Hall, Lucy Highland, Jemima Gurney |
+44 (0)20 3727 1000 |
About LTG
Learning Technologies Group plc (LTG) is a leader in the growing workplace digital learning and talent management market. The Group offers end-to-end learning and talent solutions ranging from strategic consultancy, through a range of content and platform solutions to analytical insights that enable corporate and government clients to close the gap between current and future workforce capability.
LTG is listed on the London Stock Exchange's Alternative Investment Market (LTG.L) and headquartered in London. The Group has offices in Europe, North America, South America and Asia-Pacific.
About VectorVMS
VectorVMS was founded in 1999 and is headquartered in Raleigh, North Carolina. VectorVMS combines innovative and trusted technology with in-depth industry expertise to create specialised contingent workforce programs. Vector's configurable digital platform enables organisations to have full visibility into their contingent labour programs, giving them the confidence to maintain compliance, reduce costs and drive efficiency in their extended workforce. Vector has operations across the USA, Canada and the UK. Vector was acquired by LTG plc as part of the $150 million PeopleFluent acquisition in 2018 and was subsequently separated into an independent business and brand later that year.
About PIXID Group
PIXID Group ("PIXID") was founded in 2004 and is headquartered in Paris, France. PIXID is the largest European vendor management SaaS platform, offering comprehensive solutions for digitalising the management and oversight of flexible resources. Initially specialising in temporary staffing, PIXID now provides a wide array of services, including the management of permanent contracts, fixed-term contracts, internships, and apprenticeships. With a dedicated team of nearly 250 employees across Paris, Rotterdam, London, Antwerp, and now the USA, PIXID supports thousands of businesses, ranging from small enterprises to large corporations, with a spend estimated at nearly 11 billion euros on a yearly basis on PIXID platforms. Keensight Capital, one of the leading private equity managers dedicated to pan-European Growth Buyout investments, acquired a majority stake in PIXID In 2015.
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