{"id":37450,"date":"2019-04-01T08:30:55","date_gmt":"2019-04-01T12:30:55","guid":{"rendered":"https:\/\/stagingweb.trainingindustry.com\/?post_type=articles&p=37450"},"modified":"2025-08-18T13:50:06","modified_gmt":"2025-08-18T17:50:06","slug":"ma-in-corporate-training-investments-and-acquisitions-of-the-first-quarter-of-2019","status":"publish","type":"articles","link":"https:\/\/trainingindustry.com\/articles\/learning-services-and-outsourcing\/ma-in-corporate-training-investments-and-acquisitions-of-the-first-quarter-of-2019\/","title":{"rendered":"M&A in Corporate Training: Investments and Acquisitions of the First Quarter of 2019"},"author":27,"featured_media":37452,"template":"","tags":[2339,1015,826,607,3038,1672,73,215,1472,2338,456,968,2851,983,104],"class_list":["post-37450","articles","type-articles","status-publish","has-post-thumbnail","hentry","tag-acquisitions","tag-compliance-training","tag-cybersecurity-training","tag-e-learning","tag-hcm","tag-human-capital-management","tag-it-training","tag-learning-technologies","tag-ma","tag-mergers","tag-performance-management","tag-sales-enablement","tag-technical-training","tag-training-companies","tag-workforce-development","global_topic_tax-content-development","global_topic_tax-learning-services-and-outsourcing","global_topic_tax-learning-technologies","global_topic_tax-performance-management"],"acf":{"sponsored":false,"gated":false,"gated_content_type":"","file_attachment":null,"gated_content":"","form_instruction_header":"To access the full article, please fill out the form below:","pardot_html_embed":"","author_override":true,"author_name":"Taryn Oesch, CPTM","author_image":17376,"author_bio":"Taryn Oesch is the award-winning managing editor for digital content at Training Industry, Inc.","excerpt":"The first quarter of 2019 saw significant activity in compliance training, e-learning and learning technologies, and performance management and HCM (human capital management) platforms.","main_content":"Each quarter, TrainingIndustry.com gathers the industry\u2019s mergers, acquisitions and funding from the previous three months to share some of the major trends. The first quarter of 2019 saw significant activity in compliance training, e-learning and learning technologies, and performance management and HCM (human capital management) platforms.\r\n\r\nCompliance Training<\/strong>\r\n\r\nCompliance training companies raised over $60 million this quarter for businesses offering products and services ranging from cybersecurity training<\/a> to employee wellness<\/a> and health and safety training. ADURO, a \u201chuman performance consulting\u201d business, raised $22 million<\/a> from Abry Partners to \u201cradically shift the health & well-being sector.\u201d ADURO\u2019s platform provides employee wellness metrics, coaching and communications. Similarly, Unmind, whose goal is to improve workplace mental health, closed \u00a33 million ($3.9 million).\r\n\r\nIn a quarter that saw increased awareness surrounding \u00a0the importance of training for safety and risk management<\/a>, M\u0101kuSafe closed a $3 million seed round<\/a> for its cloud platform, which uses \u201creal-time environmental and human motion data to identify workplace risk\u201d to better inform training and other health and safety programs.\r\n\r\nKPA, an environmental health and safety compliance and workforce management solutions provider, acquired Compli and its compliance business process automation software<\/a>, for an undisclosed amount. Vector Solutions acquired two companies this quarter: CrewSense<\/a>, an HCM and \u201cemployee resourcing\u201d software company aimed at public safety, utilities and manufacturing companies, and Halligan<\/a>, the developer of a mobile app designed for public safety agencies.\r\n\r\nGAN Integrity, an \u201call-in-one\u201d compliance software company whose products include a compliance-specific LMS, announced in January<\/a> a $15 million Series B growth financing round led by Aquiline Technology Growth and Edison Partners. The funding followed doubled revenue and customer growth in 2018. DuPont\u2019s specialty products division announced this quarter that it would divest its DuPont Sustainable Solutions business<\/a> (DSS). DSS is now an independent management consulting firm serving clients in safety training, risk management and operational performance.\r\n\r\nThe need for a strong cybersecurity program is, unfortunately, not going away anytime soon. But that\u2019s good news for companies like Elevate Security and KnowBe4. Elevate Security raised $8 million in Series A funding<\/a> for its \u201cSecurity Behavior Platform to change employees\u2019 habits while giving Security teams unprecedented visibility into security readiness.\u201d Additionally, KnowBe4, a \u201csecurity awareness training and simulated phishing platform,\u201d announced \u201ca sizable minority investment\u201d<\/a> from KKR that valued the company at more than $800 million. Enlightenment Capital, an investment firm focused on the aerospace, defense and government industries, announced an investment of an undisclosed amount<\/a> in System High Corporation, a cybersecurity solutions provider whose services include cybersecurity training. Goldman Sachs led an $8 million Series A funding round in Immersive Labs\u2019 cybersecurity skills platform<\/a>.\r\n\r\nE-Learning and Learning Technologies<\/strong>\r\n\r\nE-learning and learning technologies saw over $300 million in funding this quarter. A large portion of this funding was LMS\/HCM software company Talentsoft\u2019s $50 million funding round<\/a>, led by Francisco Partners and ranked among the 10 largest funding rounds in Europe for enterprise software in the last 12 months. The company\u2019s strategy is now focused on<\/a> international development, HR data management and employee experience innovation, and a \u201cpivot towards a platform open to external applications.\u201d Another large funding round was EMERITUS\u2019 $40 million Series C round<\/a>, led by Sequoia Capital India. EMERITUS offers courses for working professionals in partnership with MIT, Columbia, the Tuck School of Business at Dartmouth, the Wharton School, UC Berkeley and London Business School.\r\n\r\nAs game-based learning continues to gain popularity<\/a>, French startup My-Serious-Game raised \u20ac3 million ($3.4 million) for its game-based and virtual reality (VR) training programs. VRtuoso, creator of a VR presentation platform for training and sales enablement<\/a>, raised $650,000<\/a> in seed funding, and Mursion, an immersive VR training company, announced<\/a> an $8 million Series A funding round led by New Markets Venture Partners. The Glimpse Group, which includes multiple VR and augmented reality (AR)<\/a> businesses, announced that it has raised<\/a> a total of $5.5 million in aggregate equity funding. Also in AR, Ario Technologies, Inc. raised $1 million in funding<\/a>, and Scope AR closed<\/a> a $9.7 million Series A funding round led by Romulus Capital. Besomebody, Inc., which provides job training programs and employer services, acquired Pixelbug Technologies<\/a> Inc., an AR and AI startup, expanding its capabilities to include emerging technologies<\/a>.\r\n\r\nScalable language learning is a growing concern<\/a> among global learning leaders, and a number of providers are responding. Emmersion Learning closed $2.4 million<\/a> in equity funding led by Imagen Capital Partners for its language learning platform, which is used by academic and corporate customers, and acquired Perpetual Technology Group<\/a> and its language placement testing business. Learnlight, a language, intercultural and soft skills training company, acquired German language training company Arenalingua<\/a>. While not a language training platform, Orai\u2019s AI-based speech coaching app raised $2.3 million in a seed funding round led by Comcast Ventures. Orai\u2019s founders were guests on \u201cThe Business of Learning,\u201d<\/a> Training Industry\u2019s podcast, last year.\r\n\r\nGO1, an online corporate training marketplace, became the first startup in Australia backed by Microsoft\u2019s global venture capital arm M12, in a $30 million Series B funding round this quarter. GO1 markets itself as \u201cthe simplest way for businesses to find, book and deliver their corporate training.\u201d\r\n\r\nCloud-based learning platform company BenchPrep announced a $20 million Series C funding round<\/a> led by Jump Capital and Owl Ventures. Notably, Owl Ventures is an edtech-focused venture capital firm whose other investments include Accelerate Learning and Degreed. Hone, a training platform aimed at leaders of distributed teams, announced a $3.6 million seed round<\/a> led by Cowboy Ventures and Harrison Metal. The company\u2019s goal is to modernize leader and manager training<\/a> for the 21st century.\r\n\r\nSpeaking of distributed teams, mobile learning<\/a> is becoming more important, not only with deskless workers but also with distributed teams. Teach on Mars closed its third round<\/a> of funding for a total of \u20ac7 million ($7.9 million). Its goal is to turn the smartphone into \u201ca personal learning assistant.\u201d\r\n\r\nEdtech and e-learning consolidations this quarter included Emerald Group\u2019s acquisition of Mind Tools<\/a>, EdCast\u2019s acquisition of training marketplace Leapest<\/a> and CoSo Cloud\u2019s acquisition of eSyncTraining<\/a>. Emerald Group\u2019s businesses now include Emerald Publishing, which focuses on scholarly research; GoodPractice, an e-learning and LMS platform company; and Towards Maturity, an L&D research and analytics firm.\r\n\r\nPerformance Management and HCM<\/strong>\r\n\r\nIn the performance management and HCM space, the biggest deal this quarter was Ultimate Software\u2019s acquisition by an investor group led by Hellman & Friedman<\/a> for $11 billion. Ultimate Software is a cloud-based HCM and employee experience solutions provider whose products include L&D content and tools as well as other talent management and HR solutions. The second-largest deal was Alight Solutions\u2019 acquisition of Wipro\u2019s Workday and Cornerstone OnDemand (CSOD) businesses<\/a> for $110 million. Workday is a financial management and HCM software company, and CSOD is a learning and talent management software company.\r\n\r\nOther companies raised over $2.14 billion, including HR and recruiting platform company Personio, which raised $40 million in a Series B funding round led by Index Ventures, helping it toward its goal of becoming<\/a> \u201cEurope\u2019s leading provider of human resources software for small and medium-sized companies.\u201d Landit, \u201ca one-size-fits-one career pathing platform\u201d aimed at \u201cwomen and diverse groups,\u201d closed a $13 million oversubscribed Series A round led by WeWork<\/a>, demonstrating the prevalence of training and career programs aimed at women<\/a> and other underrepresented groups.\r\n\r\nBetterworks, an enterprise HR software company, announced a $27 million addition to its $51 million Series B round<\/a>, led by Emergence Capital and Kleiner Perkins. Betterworks is a leader in the move away from annual performance reviews toward continuous performance management<\/a>. Hibob raised $20 million for its HR and benefits management software, and people analytics and engagement software company Peakon raised $35 million.\r\n\r\nReturning to the theme of distributed or deskless teams, Sapling raised $4 million in seed financing<\/a>, led by Google\u2019s AI-focused venture firm Gradient Ventures, for its \u201cPeople Management Platform of the Future.\u201d ShiftOne, an employee retention app for the restaurant industry, raised<\/a> a $2.6 million supplement to its seed funding round, led by The Entrepreneurs\u2019 Fund.\r\n\r\nEmployee feedback company Culture Amp acquired performance management company Zugata due to their \u201cshared vision about the future of work,\u201d which involves \u201cwhat we could be when we could connect all the data we have at our disposal,\u201d according to Culture Amp CEO and co-founder Didier Elzinga<\/a>. Silver Oak Services Partners led the recapitalization of Keystone Partners<\/a>, an outplacement, career management, executive coaching and leadership development firm.\r\n\r\nAlso this quarter, Findley, an HR and benefits firm, acquired TAMS Group\u2019s human capital business<\/a>, and Unit4 acquired Intuo<\/a>. Unit4 sells enterprise applications for service organizations, and Intuo is the creator of a talent enablement platform focused on performance management and coaching<\/a>. Finally, BTS acquired Polaris Assessment Systems<\/a>, adding employment screening and interviewing services to its portfolio of solutions.\r\n\r\nOther Q1 Deals<\/strong>\r\n\r\nOther deals, which didn\u2019t fall into these three major themes, included:\r\n\r\nIT and Technical Training<\/em>\r\n