Lessons of success as tech firm acquires e-learning solutions business
Ilkley-based Virtual College has been acquired by Netex, a Spanish technology company specialising in e-learning solutions and listed on the Spanish BME stock market.
An agreement has been struck for Netex to acquire all the shares in Virtual College.
The deal is designed to expand the Virtual College’s product portfolio, broaden its customer base, address a wider geographic market and increase capacity to grow and dominate the corporate and EdTech markets.
With the integration of Virtual College, Netex will offer new technologies and solutions including hundreds of professional training courses made available to users, through different channels including Netex’s own marketplace.
The integration of Virtual College in the Netex Group will result in an expected annual turnover for FY22 of about £17m.
Rod Knox and Bob Gomersall, co-founders of Virtual College, said: “The combination of the Virtual College and Netex businesses creates a huge opportunity to work together to build on the vast skills, knowledge and experience that both businesses have developed over the last 25 years.
“This combined provision creates a leading edge e-learning solution that will enhance the offer within existing markets and opens significant new opportunities to expand internationally.”
Carlos Ezquerro, CEO of Netex, said: “The addition of Virtual College to the Netex structure is a very important step for the company in its plans for development, international expansion and the search for leadership in the e-learning sector at an international level.
“We welcome the entire Virtual College team, now part of Netex, who will be crucial in achieving our new collective vision and goals.”
Alejandro Faginas, Netex’s CFO, added: “The company’s management has been very involved in the search for interesting growth possibilities in the market.
“During the last few months, we have studied more than 30 deals, until we found the right one for Netex at this time.
“The integration of Virtual College is an immediate accelerator in our penetration of the English-speaking market, both in the UK and the US.”
Virtual College was founded in 1995 and now has about 100 employees. It has experience of supporting over 4.7 million learners across the public and private sectors.
Hannah Brindle, MD of Virtual College, said: “Working with new colleagues on a shared, ambitious vision for the future of learning is what drives us to be better than we were yesterday. We can’t wait to be part of this new Netex Virtual College partnership.”
