Skillsoft Acquires SumTotal

Skillsoft Corp., a subsidiary of Skillsoft Ltd., has entered into a definitive agreement for the acquisition of SumTotal Systems, LLC from affiliates of Vista Equity Partners (Vista), a U.S.-based private equity firm. Terms of the transaction were not disclosed. The acquisition of SumTotal expands Skillsoft’s solution portfolio and global reach.

SumTotal provides solutions to 3,500 customers and 49 million users worldwide, including many of the Fortune 500. SumTotal’s Talent Expansion solution provides personalized learning and HR processes to organizations of all sizes.

“We’re very excited about the opportunity to bring together the experience and strengths of two proven leaders in the cloud-based HR solutions market,” says Skillsoft CEO Chuck Moran. “The integration of these complementary products — Skillsoft’s technology-delivered learning assets and SumTotal’s solutions for learning, talent and workforce management — will allow our customers to break new ground in implementing more comprehensive solutions for managing and expanding their workforce talent.”

The closing of this transaction is subject to various conditions, including the expiration of the applicable waiting period under the Hart-Scott-Rodino Act.

Deutsche Bank Securities Inc. acted as exclusive financial advisor to Skillsoft. Committed financing for the transaction is being provided by Barclays, Morgan Stanley, Deutsche Bank and Credit Suisse. Simpson Thacher & Bartlett LLP acted as legal counsel to Skillsoft. Evercore acted as exclusive financial advisor to Vista. Kirkland & Ellis acted as legal counsel to Vista.

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