2U acquires Trilogy Education for $750m
US edtech firm 2U has acquired Trilogy Education Services for $750m. It’s digital skills training offer will “complement” 2U’s existing portfolio, according to the companies.
Trilogy, which aims to help companies bridge the digital skills gap via in-person and online training programs in coding, data analytics, UX/UI, and cybersecurity, will aid with 2U’s target of making education more accessible for lifelong learners.
“[Trilogy’s] business is a natural strategic fit and growth driver for 2U that will extend our reach across the career curriculum continuum, deepen our relationships with new and existing partners, drive marketing efficiencies, and open a more direct corporate training and enterprise sales channel for the company,” 2U co-founder and CEO Christopher Paucek said.
“Increasingly, universities are attempting to add practical, technical skills to their degrees. We simply future-proof the degree by adding this type of technical competency,” Paucek noted, adding that 2U expects the incorporation of Trilogy help the company reach $1bn in revenue by one year from 2022 to 2021.
While Trilogy will be a “natural complement” for 2U, Trilogy will seek continued growth and online expansion, the companies say. Its international programs will establish 2U’s entry into the Australian and Canadian markets, they added.
“By joining forces with 2U, Trilogy Education can empower universities to reach more students, in more places, throughout more of their lives, while driving positive economic impact in their local regions,” Trilogy Education CEO and founder Dan Sommer said.
Since the beginning of 2018, Trilogy doubled its total number of programs from 53 to over 120, and it has a network of 1,200 instructors. It has worked with more than 2,000 companies, including Google, Microsoft, and Bank of America.
The move, according to 2U, will mean the company will be able to penetrate lifelong learning and corporate training business, which it estimates to be $366bn.
In 2017, 2U acquired online learning platform GetSmarter for $103m.