Churchill Capital Corp II will merge with Skillsoft, as per an agreement entered into by the two parties. The transaction is valued at about $1.3 billion. Post merger, the combined entity will acquire Global Knowledge for about $233 million.
While Skillsoft is a company that delivers online learning, training, and talent solutions to help organisations acquire a competitive edge, Churchil II is an acquisition company that effects mergers, asset acquisition, stock purchase, reorganisation, capital stock exchange and reorganisation or business combination with one or several businesses. Global Knowledge is a technology skills training provider, that supports enterprises and tech professionals with its innovative and ‘Anytime, Anyplace, and Anyhow’ learning solutions. It offers a very broad, deep and relevant portfolio of IT training solutions.
The combined entity will function as Skillsoft, and will be listed on the New York Stock Exchange. Skillsoft and Global Knowledge together will form a global digital learning company offering wide-ranging content, customised learning solutions and accessible modalities. Its expanded course portfolio will consist of next-generation, on-demand and virtual content for enterprise learning.
The move has come at the right time, when the demand for digital learning has shot up. Global Knowledge will no doubt help scale up Skillsoft’s learner-centric platform, given its vast IT course portfolio and global reach. The combined strengths of Skillsoft and Global Knowledge, will enable Skillsoft to provide increased support to its global customers, in their endeavour to respond effectively to the changing workplace requirements and also address the growing skills gap.
The joint entity hopes to become a highly profitable digital learning company by scaling up via organic growth and acquisitions. The combined client base will comprise over 70 per cent of Fortune 1000 companies and over 45 million users across content platforms.
Skillsoft’s cloud-based platform, Skillsoft Percipio will continue to offer personalised, high-quality learning experiences, which will allow organisations to create a future-ready, resilient workforce and to educate, upskill and retain their staff in this ever-changing economy.
Churchill II will offer critical training resources to the over 30 million people rendered jobless due to the pandemic for free or on administrative cost basis.