Friday 22 August 2014

22 August 2014 – Irish cloud-based learning solutions specialist Skillsoft Ltd said its unit Skillsoft Corp had agreed to buy US human resources (HR) software solutions provider SumTotal Systems LLC from affiliates of Vista Equity Partners for an undisclosed price.

The deal is subject to certain closing conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Act. Barclays PLC (LON:BARC), Morgan Stanley (NYSE:MS), Deutsche Bank AG (ETR:DBK) and Credit Suisse Group AG (VTX:CSGN) are providing committed financing for the transaction.

SumTotal provides HR solutions to 3,500 customers and 49m users worldwide, according to the buyer's statement. The company's talent expansion solution offers personalised learning and HR processes to organisations of all sizes.

This transaction will enable Skillsoft, which is owned by private equity firm Charterhouse Capital Partners LLP, to further expand its solution portfolio and global presence.

Deutsche Bank Securities Inc and Simpson Thacher & Bartlett LLP consulted Skillsoft in this deal.  Evercore Partners Inc (NYSE:EVR) and Kirkland & Ellis LLP advised Vista.