Skillsoft Up for Sale

Skillsoft Up for Sale

Skillsoft Ltd., a provider of educational software, has engaged Deutsche Bank AG to find potential buyers in a deal that could bring as much as $2 billion, according to a Reuters report.

Skillsoft was taken private in 2010 by Berkshire Partners LLC, Advent International Corp and Bain Capital LLC for $1.2 billion.

A spokeswoman for Skillsoft had no immediate comment, Reuters reported. However, Chief Executive Chuck Moran in a Dec. 12, 2013, conference call with analysts to discuss fiscal third-quarter earnings, said: “We continue to face the normal competitive issues of a wide spectrum of competitors, but also face challenges from the economic environment and customer budgets.”
Skillsoft was one of the companies honored this past fall with a “Best of Elearning!” award for its I.T. Library, which is a perennial winner in the popular reader’s-choice awards.

The company, founded in Nashua, N.H., provides electronic learning software to more than 6,000 customers around the world, in both the public and private sector. It uses cloud computing, which allows clients to reduce costs by ditching bulky local servers for network-based software and storage in remote data centers. The Nashua, New Hampshire-based company reported adjusted earnings before interest, tax, depreciation and amortization of $139.2 million for the 12 months ending January 31, 2013, up from $111.1 million the year before.

And just last year, the company also expanded its Live Events program to seven live and interactive presentations featuring the most recognized and south-afte thought leaders and best-selling authors.

Berkshire Partners, Advent and Bain committed at least $510 million of equity when they acquired Skillsoft in 2010, according to a credit research note at the time by Moody’s Investors Services.

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