ThirdForce acquisition gets green light
Firm casts eyes over the Atlantic
E-learning provider ThirdForce has received approval from shareholders to make a $18m acquisition of US firm MindLeaders.
ThirdForce aims to use the purchase of the Ohio-based firm to grow its business in the US. The Dublin-based company expects annual revenues to grow to over €30m following the acquisition.
ThirdForce provides e-learning services to governments, schools, colleges and commercial organisations in Ireland, the UK, the Middle East and Australia. MindLeaders currently offers 2,000 courses to around 850 organisations in the US.
The purchase will allow ThirdForce to expand the reach of its products into North America across categories including ICT courseware and testing, vocational education, literacy and numeracy. The company will also market its compliance and safety training products for the hospitality, retail and leisure sectors.
ThirdForce also aims to expand its business in the UK and other markets through the introduction of the MindLeaders product range. The firm's clients include British Petroleum, the Whitbread Group, University for Industry, ECDL and Care UK. In the US, MindLeaders clients include Federal Express and Perot Systems.
"The combination of both businesses represents a compelling market proposition. MindLeaders is a strong and profitable organisation with excellent people, innovative products and the potential to capture significant new business across North America," said ThirdForce chief executive Brendan O'Sullivan.
"ThirdForce now has a presence in the world's number one e-learning market whereby we will be able to market our existing product range more widely to a growing customer base and expand with new products into key sectors including adult education, workplace learning and vocational training," said O'Sullivan.
© 2007 ENN