Learning Technologies Group has acquired eThink Education LLC ('eThink'), a provider of Moodle-based learning management systems (LMS), for an initial cash consideration of $20.0 million (c.£14.8 million).
eThink will be integrated into LTG's Open LMS business acquired in April 2020 and marks a further step in LTG's strategic goal of consolidating the Moodle market
eThink adds approx. $9.5 million revenue to LTG.
The deal was financed from LTGs cash resources with a payment at completion of $20.0 million (c.£14.8 million). Further performance payments are capped at $16.0 million (c.£11.9 million), also payable in cash.
With the addition of eThinks 325 hosted Moodle clients, the Open LMS business now has more than 1,460 cloud-based Moodle clients, and 8,000,000 users.