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Wiley Signs Definitive Agreement to Acquire CrossKnowledge
|By Business Wire
|April 15, 2014 08:03 AM EDT
John Wiley & Sons, Inc. (NYSE: JWa and JWb), a global provider of
knowledge and knowledge-enabled solutions that improve outcomes in
research, professional practice, and education, announced today that it
has signed a definitive agreement to acquire CrossKnowledge, a learning
solutions provider focused on leadership and managerial skills
development, for $175 million in cash. The transaction is expected to
close on May 1.
CrossKnowledge is a privately-held company based in France with over 200
employees. It offers subscription-based, digital learning solutions for
multi-national corporations, universities, and small and medium-sized
enterprises. CrossKnowledge solutions, which include managerial and
leadership skills assessment, courses, certifications, content, and
executive training programs, are delivered on a cloud-based platform
providing over 17,000 learning objects in 17 languages. Solutions can be
readily customized for each individual client, providing employees with
access to relevant learning and development resources in a tailored
online experience. CrossKnowledge generated $37 million of revenue in
its fiscal year ending June 30, 2013.
Steve Smith, President and CEO of Wiley, said: “The addition of
CrossKnowledge to our talent management portfolio, which now includes
innovative pre- and post-hire assessment solutions from our Profiles
International and Inscape acquisitions, positions us as a leader in the
rapidly-growing area of enterprise talent management. In today’s
knowledge-based economy, organizations of all different shapes and sizes
are looking to address skill, productivity and performance gaps through
investment in their current workforce rather than hiring additional
resources. At the same time, they are moving from face-to-face training
to e-learning solutions that offer individualized assessment and
prescriptive learning. Wiley and CrossKnowledge are at the forefront of
“CrossKnowledge brings to Wiley a valued brand, global footprint and
talented leadership team,” said Mark Allin, Wiley’s SVP, Professional
Development. “Together with our acquisitions of Profiles International,
Inscape and Deltak, CrossKnowledge accelerates our strategy to provide
customers with a suite of services from education through employment,
enabling individuals to fulfill their career ambitions and corporations
to maximize their talent.”
Mickaël Ohana, CEO of CrossKnowledge, commented: “CrossKnowledge has
gained excellent momentum in this shift to digital learning for
professionals. CrossKnowledge is delivering solid growth in Europe, its
largest region, and has recently launched its important entry into the
Americas. We now have five million end-users in over 80 countries. With
Wiley’s scale, content, author base, and distribution network,
CrossKnowledge is now poised to accelerate its growth strategies and
reach new markets.”
Wiley management will provide further details and address questions
during a conference call scheduled for May 8, 2014 at 2:00 pm EDT.
Access the webcast at www.wiley.com>
Investor Relations> Events and Presentations, or http://www.wiley.com/WileyCDA/Section/id-370238.html
U.S. callers, please dial (888) 417-8465 and enter the participant
International callers, please dial (719) 325-2393 and enter the
participant code 9593011#
An archive of the webcast will be available for a period of up to 14
Wiley is a global provider of knowledge and knowledge-enabled services
that improve outcomes in areas of research, professional practice, and
education. Through the Research segment, the Company provides
digital and print scientific, technical, medical, and scholarly
journals, reference works, books, database services, and advertising.
The Professional Development segment provides digital and print
books, online assessment and training services, and test prep and
certification. In Education, Wiley provides print and digital
content, and education solutions including online program management
services for higher education institutions and course management tools
for instructors and students.
CrossKnowledge is a leader in cloud-based distance learning solutions.
Its full SaaS solutions are based on exclusive learning technologies,
delivering the most sought-after content in the world and a range of
accompanying services. CrossKnowledge solutions enable fast workforce
empowerment and global strategic alignment, guaranteeing a unique
learning experience for the individual and a real return on investment
for the organization. CrossKnowledge learning content and formats are
developed in collaboration with an international 'Faculty', comprising
the best authors, professors and management professionals from the most
schools in the world. CrossKnowledge has created the CrossKnowledge
Academy in order to formalize and share its expertise in instructional
design and deployment with its clients via certification
programs. CrossKnowledge operates worldwide and serves companies
including global enterprises, mid-sized companies and the education
sector spanning more than five million users.
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