BTS-GROUP
6.1.2020 15:37:14 CET | Business Wire | Press release
BTS GROUP AB (publ), a leading global strategy implementation firm, has agreed to acquire the operations and all the assets of Rapid Learning Institute LLC based in Philadelphia (USA). Through its products and solutions Rapid Learning offers a differentiated approach to leadership and sales microlearning to clients in North America.
With the acquisition of Rapid Learning, BTS will gain a library of more than 200 proprietary learning modules centered on 5- to 7-minute research-backed videos, and in addition a collection of more than 2,500 articles on leadership and sales authored by the company’s editorial team. Rapid Learning’s Micro-First method to online training gives BTS thought leadership in single-concept learning facilitated by line leaders in the flow of work. The company will also bring a set of clients who subscribe to RLI’s programs or license its content. Its inside sales expertise and customer success management experience will help BTS increase its market penetration and expand its base of recurring revenue streams.
Rapid Learning was established in Philadelphia in 2008. Since then it has developed into a respected provider of leadership and sales micro-training to hundreds of clients. Its revenues over the last twelve months are approximately 2.8 MUSD. The company has 20 employees.
The executives of Rapid Learning, Stephen J. Meyer, Rob Krekstein and Michael Boyette, have agreed to stay on with BTS to drive the organization’s continued growth. An MBA graduate of the Wharton School at the University of Pennsylvania and founder of Rapid Learning, Meyer is an accomplished journalist, editor and publisher, having contributed to Forbes and Advertising Age and headed both editorial and marketing for more than two dozen employee development publications.
“We are delighted to welcome Rapid Learning to BTS,” says Henrik Ekelund, Founder & CEO of BTS. “This team creates impressive results for their clients through a comprehensive content library combined with a proven approach to leadership and sales learning in the flow of work. Together we will become an even stronger partner in the marketplace and accelerate our growth.”
“We are truly excited to become a part of the BTS family,” says Meyer, CEO of Rapid Learning. “We share the same approaches and points of view, which will make for an excellent fit. Being part of a global firm will also be a great opportunity for our customers and colleagues."
“And we believe our digital solutions and approach are a perfect complement to BTS’ current offerings,” adds Krekstein, Vice President of Sales for Rapid Learning.
“The addition of Rapid Learning to the BTS family strengthens substantially our digital content assets and thought leadership,” says Dave Ackley, Executive Vice President and Global Head of Digital at BTS. “The team brings us scalable digital solutions our clients expect and will support our efforts to build recurring license revenue.”
The acquisition includes an initial cash consideration. An additional payment will be paid out in 2023 provided the purchased operations meet specific targets 2020-2022.
BTS' strategy for acquisitions aims to create a broader base for future organic growth while actively consolidating in a highly fragmented market. Through its acquisitions, BTS also seeks to broaden its customer base and offering by bringing in new, existing and innovative services based on state-of-the-art digital technologies.
About BTS Group AB
BTS focuses on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For over 30 years, we've been designing fun, powerful experiences that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It’s strategy made personal.
BTS is publicly traded on the Nasdaq Stockholm exchange under the symbol BTS B.
For more information, please visit www.bts.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20200106005626/en/
Contact:
For more information, please contact: David Ackley Executive Vice President BTS Digital dave.ackley@bts.com +1.646.378.3535 Michael Wallin Head of investor relations BTS Group AB michael.wallin@bts.com +46-8-587 070 02 +46-708-78 80 19
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