A global education technology company based in Boston has signed a $191M deal to buy the cybersecurity training platform, Infosec.
“The online, employer-paid cybersecurity training segment is currently a $1bn market, with expectations that it will grow to $10bn annually by 2027,” said Cengage CEO Michael Hansen.
He added: “Combining Infosec with our already-successful Workforce Skills business will provide top-line growth, expand our base of recurring revenue and accelerate our opportunity within the space.”
Infosec was founded in 2004 by its current chief executive Jack Koziol who will remain at the helm to manage the transition. The company is based in Wisconsin and provides skills development and certification programs for the cybersecurity industry.
“Cengage Group has the same level of passion for making learning accessible, affordable and applicable to today’s cybersecurity professionals,” said Jack Koziol, CEO and Founder of Infosec.
He added: “Building on ed2go’s history in online training, Infosec will benefit from Cengage Group’s scale and expertise, which means we can reach more cybersecurity professionals and employers that are looking to not only grow their careers but to keep businesses, governments and people safe from cyber threats.”
Infosec employs around 100 people and offers more than 1,400 online cybersecurity courses. Nearly all Infosec’s current employees will reportedly be joining Cengage’s workforce of 4,500 people.
According to Cyber Seek, there are just under 600,000 vacant cybersecurity roles in the United States. Research by Burning Glass Technologies suggests that around half of these positions require at least one certification.
“We can’t hire people fast enough,” Hansen told The Boston Globe. “Right now, the demand for workforce skills courses is just exploding, and it’s exploding in very specific job categories,” he said.
Hansen continued: “There is such a labor shortage. Every CEO tells me that…the labor shortage is really a skills shortage.”
News of Cengage’s planned purchase comes as rival British publishing house Pearson announced its acquisition of Credly, a digital workforce credentialing service provider, for around $200m.